Jaywing PLC - Sheffield-based data-driven advertising and marketing agency - Says continues to implement cost-saving measures in light of ongoing uncertainties within its domestic markets and within the global economy. Says the pipeline of new business remains "encouraging" but adds it has seen a softening in demand over the past two months, with clients seeking to defer their marketing spend until the economic situation settles or improves. As a result, significant project revenue previously expected to start in the fourth quarter of its financial year is now unlikely to begin by the March 31 year-end.
Full year revenue is now expected between GBP22.0 million and GBP22.5 million, compared to GBP23.3 million in financial 2022, with adjusted earnings before interest, tax, depreciation and amortisation ahead of last year but below market expectations. Adjusted Ebitda in financial 2022 was GBP2.2 million.
Chief Executive Officer Andrew Fryatt says: "Our cost management has mitigated the impact of this revenue shortfall, allowing us to continue growing adjusted Ebitda, and has also ensured that the Group is appropriately structured to operate in these challenging market conditions."
Current stock price: 5.27 pence each, down 23% on Thursday around midday in London
12-month change: down 50%
By Xindi Wei, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Jaywing (JWNG)