7th Jul 2015 07:39
LONDON (Alliance News) - Brand and digital agency Jaywing PLC on Tuesday said its pretax loss widened in its 2015 financial year, as a rise in operating costs offset an improvement in both revenue and margins.
The company also announced the appointment of a new chief financial officer and a chief operating officer.
Jaywing said its pretax loss for the year to the end of March was GBP1.4 million, compared to a GBP380,000 loss a year earlier. The wider loss was driven by a big rise in operating costs in the year, up to GBP31.2 million from GBP22.3 million, which offset an increase in revenue to GBP33.8 million from GBP26.7 million and an improvement in gross margin.
The group has spent the year focusing on integrating the Epiphany Solutions business that it acquired in 2014 and said the first quarter of its current financial year has been in line with its expectations.
"I am pleased to report another strong set of results from Jaywing. Gross profit and EBITDA have continued to grow, with a clear strategy to deliver continued growth and a client offering highly differentiated from our competitors," said Chairman Ian Robinson.
Jaywing, in a separate statement, also outlined a range of changes to its board. Michael Sprot will move from finance director to be chief financial officer, while Adrian Lingard will become chief operating officer, having been managing director of Jaywing's consulting arm.
Jaywing shares were up 12% to 30.25 pence on the news, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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