LONDON (Alliance News) - Digital marketing company Jaywing PLC said Tuesday that the cost of acquisitions hit its first half profit but that it is on track to achieve its full-year expectations.
Jaywing swung to a pretax loss of GBP384,000 for the six months to September 30, from a GBP21,000 profit in the same period the previous year.
However, the company said that the loss figure was caused by the costs of acquisitions and that stripping those out it made an adjusted operating profit of GBP758,000, increased from GBP503,000 the prior financial year.
Revenue for the period was GBP17.1 million, increased from GBP15.4 million the prior financial year. Jaywing said the majority of the growth was organic, with its two acquisitions being included only from July and September respectively.
"'I'm pleased to report that the momentum built towards the end of our last financial year has been maintained, and we have seen strong organic growth rates in the first half of this year. What is more, we've made two strategic acquisitions and have achieved all of this in a period of uncertainty in the market due to the European Union membership referendum," said Martin Boddy, chief executive officer.
"The second half of the year has started well, and we are on track to achieve our full year expectations," added Boddy.
Shares in Jaywing were up 6.3% at 28.69 pence Tuesday.
By Adam Clark; adamclark@alliancenews.com
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Jaywing (JWNG)