IN BRIEF: Jaywing loss narrows, looks to Australia division growth
Jaywing PLC - Sheffield-based data-driven advertising and marketing agency - Reports financial results for year ended March 31. Revenue falls 2.8% to GBP21.5 million from GBP22.1 million a year prior. Pretax loss narrows however to GBP2.4 million from GBP12.5 million. Operating expenses fall 35% to GBP21.9 million from GBP33.9 million. Looking ahead, expects Australian division "to benefit from a strong market and new business pipeline, with revenue growth expected in the current financial year," Chair David Beck says. "UK market conditions remain challenging" he adds "but the UK operation is now leaner, more efficient and able to convert more of its future revenue growth into profit and cash". Notes cash generated from operations of GBP387,000, down from GBP1.3 million a year ago. Says "cash remains very tight and a key focus for management". Expects to reach more stable cash position by the second half of this year. Read More