Sheffield and Leeds-base data science agency Jaywing posted a 13.3% increase in Group Adjusted EBITDA to £2.2m, despite a 2.8% dip in overall revenues for the financial year ended March 2024.
The improvemed EBITDA was driven mainly driven by strong growth in the Australian market, while the UK sector faced challenges, reflected by a 16.7% fall in UK Adjusted EBITDA. Jaywing said it company anticipates improved cash flow and stability in the second half of the current year following restructuring and cost-saving measures, as well as new business wins.
Elsewhere, the firm’s audited results for the year ended 31 March 2024 showed revenues of £21.5m (2023 £22.1m) and a pre tax loss of £2.4m (2023: £12.5m pre tax loss).
David Beck, executive chairman, said: “The group has been undergoing a period of significant change and recovery that started in the financial year ended 31 March 2024 (FY24) and has continued since.
“The results for FY24 reflect some of the early progress made, although the full impact of the actions taken to reduce the cost base will not be felt until the current financial year.
“UK market conditions remain challenging but the UK operation is now leaner, more efficient and able to convert more of its future revenue growth into profit and cash.
“Changes to our leadership teams and a greater focus on marketing of the group’s data and creative skills alongside investments made in client growth, are beginning to make a difference to operational performance. Cash however remains very tight and a key focus for management.”
Jaywing also noted that tough economic conditions, higher interest rates and falling consumer confidence all contributed to a difficult trading period in the UK.
The full annual report is available on Jaywing’s website, and its general meeting is scheduled for 26th September 2024.
