Jaywing's first half profits rise on restructuring

Jaywing's first half gross profit rose 10.8 per cent to 16.3m pounds as the marketing business undergoes a major restructuring. Earnings before interest, tax, depreciation and amortisation (EBITDA), before other income, came to £1.66m in the year to end of September, up from the prior year's £1.31m.As part of the group's overhaul, Jaywing sold its e-commerce arm Tryzens Limited for £6m in cash during the period. "As the group continues its restructuring and repositioning I am pleased to report a stable underlying operating performance from continuing operations," said Chairman Andrew Wilson. "The disposal of our e-Commerce arm positions us well for strategic investment in the coming period and we remain on plan in our efforts to turnaround the business."Underlying net debt at the end of the period came to £1.8m, down from £2.3m in March 2013. Cash receipts for Tryzens have given a positive cash balance of £3.6m. The firm added that the disposal has positioned "us well to invest in areas of closer strategic fit and concentrate on our core proposition". Shares rose 1.12% to 22.50p at 10:43 on Friday.RD