Certain information contained within
this Announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation (EU)
No. 596/2014 ("MAR") as applied in the United Kingdom. Upon
publication of this Announcement, this information is now
considered to be in the public domain.
1 October
2024
Jaywing plc
("Jaywing" or "the
Company")
Trading update and further
funding
Jaywing Plc (AIM: JWNG), the
marketing and data science business specialising in integrated
marketing and risk and data consulting, announces the
following update to its recent trading and the status of its
funding.
As set out in the full year results,
trading continues to be challenging overall but with marked
differences by geography and service.
Our business in Australia continues
its year on year revenue growth. The current pipeline in this
division gives us every confidence that, helped by having opened a
second office in Melbourne and having won new business across the
wider APAC region, the division will deliver record revenues and
profitability this financial year.
The UK is more mixed. Our agency
business has won a number of key new accounts but as has been
widely reported across the industry, clients are delaying or
reducing spend in many cases and this has been particularly
noticeable in the timing of new clients delivering budgeted
revenue.
This delay to client spend has also
been felt in our consulting division over the summer where trading
in H1 has been challenging. Encouragingly the prospects for H2 are
much better with some new client mandates won in September and a
strong pipeline of opportunities with both new and existing
clients.
In the short term, consulting was
forecast to be a key contributor to cash generation and its weak
summer trading has therefore placed further strain on the Company's
working capital. The Company is now in constructive discussions
with its shareholder lenders in order to secure additional
financial headroom to enable the Company to complete its
restructuring.
-Ends-
For any further enquiries,
please contact:
For further information on the
Company, please visit www.jaywing.com or contact:
Jaywing plc
David Beck (Executive
Chairman)
Christopher Hughes (CFO and
COO)
T: +44 (0)333 370 6500
SPARK Advisory Partners Limited (Nominated and Financial Adviser)
Matt Davis / James
Keeshan
T: +44 (0) 20 3368 3552
Turner Pope (Broker)
James Pope / Andy Thacker
T: +44 (0) 20 3657 0050