We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jaywing Plc | LSE:JWNG | London | Ordinary Share | GB00BF5KDY46 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.15 | 3.10 | 3.20 | 3.15 | 3.15 | 3.15 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Advertising, Nec | 22.57M | -12.83M | -0.1373 | -0.23 | 2.94M |
TIDMJWNG
RNS Number : 1489I
Jaywing PLC
10 December 2020
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Jaywing plc
Interim Results 2020/2021
Jaywing plc (AIM: JWNG) the integrated agency powered by data science, today announces its interim results for the six months ended 30 September 2020 ("H1").
Financial highlights
6 months to 30 6 months to 30 September 2020 September 2019 GBP'000 GBP'000 Net Revenue* 9,342 11,996 ---------------- ---------------- Adjusted EBITDA** Including IFRS 16 1,389 (573) Excluding IFRS 16 1,034 (945) ---------------- ---------------- Cash Generated from Operations Including IFRS 16 1,914 380 Excluding IFRS 16 1,559 8 ---------------- ---------------- Net Debt (excluding IFRS 16) *** (5,131) (5,748) ---------------- ----------------
Reconciliation of Operating Profit / (Loss) with Adjusted EBITDA
6 months to 30 6 months to 30 September 2020 September 2019 GBP'000 GBP'000 Operating Profit / (Loss) 72 (1,380) ---------------- ---------------- Add Back: ---------------- ---------------- Depreciation 126 187 ---------------- ---------------- Depreciation of right of use assets 332 333 ---------------- ---------------- Amortisation of intangibles 660 777 ---------------- ---------------- EBITDA 1,190 (83) ---------------- ---------------- Impairment of other intangibles**** 690 - ---------------- ---------------- Restructuring charges 205 295 ---------------- ---------------- Share based payment charges / (credits) (696) (785) ---------------- ---------------- Adjusted EBITDA 1,389 (573) ---------------- ----------------
* Revenue less third-party direct costs of sale
** Adjusted EBITDA represents EBITDA before restructuring costs, impairment charges and share based payment charges / (credits)
*** Including accrued interest
**** Impairment of historic trademark assets following brand integration under Jaywing during the period
Operational Highlights
-- GBP2.0m improvement in adjusted EBITDA to GBP1.4m, compared with a GBP0.6m loss in the prior comparative period
-- GBP1.9m cash generated from operations including IFRS 16 (GBP1.6m Excluding IFRS 16) -- Reduction of net debt excluding IFRS 16 to (GBP5.1m) -- Business now integrated with a sector-focused structure and a platform for growth
Commenting on the results, Andrew Fryatt, CEO of Jaywing plc, said :
"I'm delighted to report a significant turnaround in Jaywing's profitability, to deliver GBP1.4m of adjusted EBITDA for the half year period, compared with a loss of GBP0.6m for the prior year comparative period, despite a fall in revenue primarily brought about by the COVID pandemic. We have been able to stabilise the business and restore it to both profitability and strong cashflow generation. We continue to operate successfully on a remote basis, and have taken measures to secure our financial position, including voluntary salary reductions, cost reductions, rent deferrals, use of Government grant income and deferral of certain HMRC payments. These actions have ensured that despite the revenue reduction, the impact on EBITDA was mitigated and we have been able to retain key employees so that we are now well positioned to benefit as revenues start to rebuild.
There was a strong improvement in cash generation in the half (GBP1.9m including IFRS16), enabling a reduction in net debt excluding IFRS 16 to (GBP5.1m).
The restructuring plan that commenced last year continued into the current year, and in August we reorganised our UK businesses to focus on making our full range of services available to our entire client base, whilst reducing headcount by a further 20 heads. Our front office teams are now focused on three broad sectors: Retail, FMCG and Financial & Professional Services (the full make up of each sector is detailed in Note 5). They are supported by 4 operational divisions: Data Science, Performance & Media Science, Creative and Public Relations. Together, these enable our proposition of an "integrated agency powered by data science", which is proving ever more relevant in the current climate.
In Australia, just after the end of the first half of the year we completed the acquisition of the remaining 25% of the shares of Massive Group Pty Ltd, not already owned by Jaywing, a key step towards our two Australian businesses coming together as "Jaywing Australia", to deliver the same integrated approach. Our Australian and UK teams are working increasingly closely to develop capabilities and deliver client projects, including some initial projects in the data science space.
Despite the COVID-related revenue reduction, net revenue per employee increased by 3.8% to GBP32.7k in the first half, with an adjusted EBITDA of GBP5.1k per employee.
Across the Group, Online Performance remains our biggest workstream, at 43% of net revenues, but we are focused on increasing the breadth of services delivered in each of our core sectors. In the first half, for example, we achieved a 7% increase in Brand Performance from Financial Services clients, as well as Data Science & Analysis based contracts increasing as a share of net revenues (now 27%). We believe that our ability to bring together these disciplines to solve client challenges, whether in Marketing or Risk, gives us a fundamental advantage in the marketplace.
Having just moved from the second lockdown into the new tiered structure, we remain cautious about the full year outlook. We have continued to win new business with new clients including Ikano Bank, Starling Bank, Studio Retail and Costcutter, and also additional business with existing clients, including award-winning work for KCOM. However, whilst some clients are now spending at or above pre-pandemic levels, others have continued to defer expenditure in the face of the ongoing COVID impact on their business. We are nonetheless confident that the business is now on a secure footing with the foundations in place for recovery and future growth."
Enquiries :
Jaywing plc Caroline Ackroyd (CFO / Company Tel: 0114 281 1200 Secretary) Cenkos Securities plc Nicholas Wells / Callum Davidson Tel: 020 7397 8900
Consolidated statement of comprehensive income
Unaudited Unaudited Six months Six months Audited ended ended year 30 Sept 30 Sept ended 2020 2019 31 March 2020 Note GBP'000 GBP'000 GBP'000 Revenue 11,319 13,815 29,723 Direct costs (1,977) (1,819) (5,680) ------------- ------------- ----------- Net Revenue 5 9,342 11,996 24,043 Other operating income 6 599 20 38 Amortisation (660) (777) (1,547) Operating expenses (9,209) (12,619) (31,408) ------------- ------------- ----------- Operating income / (loss) 72 (1,380) (8,874) ------------- ------------- ----------- Finance income - 1 - Finance costs (323) (157) (518) ------------- ------------- ----------- Net financing costs (323) (156) (518) ------------- ------------- ----------- Loss before tax (251) (1,536) (9,392)
Tax (charge) / credit (136) 321 436 ------------- ------------- ----------- Loss after tax for the period (387) (1,215) (8,956) Loss for the period is attributable to: Non-controlling interests 114 74 188 Owners of the parent (501) (1,289) (9,144) ------------- ------------- ----------- (387) (1,215) (8,956) Other comprehensive income Items that will be reclassified subsequently to profit or loss Exchange differences on retranslation of foreign operations 181 (13) (155) ------------- ------------- ----------- Total comprehensive loss for the period (206) (1,228) (9,111) ------------- ------------- ----------- Total comprehensive loss is attributable to: Non-controlling interests 114 74 188 ------------- ------------- ----------- Owners of the parent (320) (1,302) (9,299) ------------- ------------- ----------- (206) (1,228) (9,111) Loss per share 7 Basic loss per share from continuing operations (0.54p) (1.38p) (9.95p) Diluted loss per share from continuing operations (0.54p) (1.38p) (9.95p)
Consolidated balance sheet
Unaudited Unaudited Audited 30 Sept 30 Sept 31 March 2020 2019 # 2020 Note GBP'000 GBP'000 GBP'000 Assets Non-current assets Property, plant and equipment 2,460 3,330 2,887 Goodwill 27,865 33,054 27,586 Other intangible assets 1,302 3,650 2,604 ------------ ------------ ----------- 31,627 40,034 33,077 ------------ ------------ ----------- Current assets Trade and other receivables 5,856 6,522 5,877 Tax receivable 421 285 391 Cash and cash equivalents 3,044 1 1,996 9,321 6,808 8,264 ------------ ------------ ----------- Total assets 40,948 46,842 41,341 ------------ ------------ ----------- Liabilities Current liabilities Bank overdraft 8 - (549) - Other interest-bearing loans and borrowings 8 (8,175) (1,800) (7,939) Trade and other payables (9,141) (8,154) (8,447) Current lease liabilities (678) (678) (678) Tax payable - - (106) Provisions (42) (42) (42) ------------ ------------ ----------- (18,036) (11,223) (17,212) ------------ ------------ ----------- Non-current liabilities Other interest-bearing loans and borrowings 8 - (3,400) - Lease liability (1,200) (1,770) (1,515) Deferred tax liabilities (422) (552) (422) (1,622) (5,722) (1,937) ------------ ------------ ----------- Total liabilities (19,658) (16,945) (19,149) ------------ ------------ ----------- Net assets 21,290 29,897 22,192 ------------ ------------ ----------- Equity Capital and reserves attributable to equity holders of the company Share capital 9 34,992 34,992 34,992 Share premium account 10,088 10,088 10,088 Capital redemption reserve 125 125 125 Shares purchased for treasury (25) (25) (25) Share option reserve - 683 696 Foreign currency translation reserve 26 (13) (155) Retained earnings (25,369) (17,178) (24,868) ------------ ------------ ----------- Equity attributable to owners of the parent 19,837 28,672 20,853 Non-controlling interest 1,453 1,225 1,339 Total equity 21,290 29,897 22,192 ------------ ------------ -----------
# 2019 Interim balance sheet restated (see note 4)
Consolidated cash flow statement
Unaudited Unaudited Six months Six months Audited ended ended year 30 Sept 30 Sept ended 2020 2019 # 31 March 2020 Note GBP'000 GBP'000 GBP'000 Cash flow from operating activities Loss for the period (387) (1,215) (8,956) Adjustment for: Depreciation, amortisation and impairment 1,808 1,297 8,333 Foreign exchange - (15) - Finance income - (1) - Finance costs 323 157 518 Share based payment charge (696) (155) (484) Taxation 136 (321) (436) ------------ ------------ ----------- Operating cash flow before changes in working capital 1,184 (253) (1,025) (Increase) / Decrease in trade and other receivables (20) 1,736 2,428 Increase / (Decrease) in trade and other payables 750 (1,103) (450) ------------ ------------ ----------- Cash (used in)/generated from operations 1,914 380 953 Interest received - 1 - Interest paid (41) (103) (279) Tax paid (152) (273) (309) ------------ ------------ ----------- Net cash flow from operating activities 1,721 5 365 ------------ ------------ ----------- Cash flows from investing activities Payment of deferred consideration (279) (325) (325) Acquisition of intangible assets (48) (63) (108) Acquisition of property, plant and equipment (31) (33) (66) Net cash outflow from investing activities (358) (421) (499) ------------ ------------ ----------- Cash flows from financing activities Increase in borrowings - - 7,700 Repayment of borrowings - (450) (5,650) Repayment of lease liabilities (315) (372) (610) Acquisition of non-controlling - - - interest Net cash outflow from financing activities (315) (822) 1,440 ------------ ------------ ----------- Net increase / (decrease) in cash, cash equivalents
and bank overdrafts 1,048 (1,238) 1,306 Cash and cash equivalents at beginning of period 1,996 690 690 ------------ ------------ ----------- Cash and cash equivalents at end of period 3,044 (548) 1,996 ------------ ------------ ----------- Cash and cash equivalents comprise: Cash at bank and in hand 3,044 1 1,996 Bank overdrafts 8 - (549) - ------------ ------------ ----------- Cash and cash equivalents at end of period 3,044 (548) 1,996 ------------ ------------ ----------- # 2019 Interim cashflow statement restated (see note 4)
Consolidated statement of changes in equity
Foreign Share Capital Share currency Equity Share premium redemption Treasury option translation Retained attributable Non-controlling Total capital account reserve Shares reserve reserve earnings to parent interest equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Balance at 31 March 2019 (audited) 34,992 10,088 125 (25) 838 - (15,889) 30,129 1,151 31,280 -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Charge in respect of share-based payments - - - - (155) - - (155) - (155) -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Transactions with owners - - - - (155) - - (155) - (155) Loss for the period - - - - - - (1,289) (1,289) 74 (1,215) Retranslation of foreign currency - - - - - (13) - (13) - (13) -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Total comprehensive income for the period - - - - - (13) (1,289) (1,302) 74 (1,228) -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Balance at 30 September 2019 (unaudited) 34,992 10,088 125 (25) 683 (13) (17,178) 28,672 1,225 29,897 -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Charge in respect of share-based payments - - - - 178 - - 178 - 178 -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Transactions with owners - - - - 178 - - 178 - 178 Loss for the period - - - - - - (7,855) (7,855) 114 (7,741) Transfer in relation to lapsed share options - - - - (165) - 165 - - - Retranslation of foreign currency - - - - - (142) - (142) - (142) Total comprehensive income for the period - - - - (165) (142) (7,690) (7,997) 114 (7,883) -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Balance at 31 March 2020 (audited) 34,992 10,088 125 (25) 696 (155) (24,868) 20,853 1,339 22,192 -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Charge in respect of share-based payments - - - - (696) - - (696) - (696) -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Transactions with owners - - - - (696) - - (696) - (696) Loss for the period - - - - - - (501) (501) 114 (387) Transfer in relation to lapsed share options - - - - - - - - - Retranslation of foreign currency - - - - - 181 - 181 - 181 -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Total comprehensive income for the period - - - - - 181 (501) (320) 114 (206) -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- Balance at 30 September 2020 (unaudited) 34,992 10,088 125 (25) - 26 (25,369) 19,837 1,453 21,290 -------- -------- ----------- --------- -------- ------------ --------- ------------- ---------------- -------- 1. General Information
Jaywing plc (the "Company") is incorporated and domiciled in the United Kingdom. The Company is listed on the AIM market of the London Stock Exchange. The registered address is Albert Works, Sidney Street, Sheffield,
S1 4RG.
The interim financial information was approved for issue on 10 December 2020.
2. Basis of preparation
The consolidated interim financial statements for the six months ended 30 September 2020, which are unaudited, have been prepared in accordance with applicable accounting standards and under the historical cost convention except for certain financial instruments that are carried at fair value.
The financial information for the year ended 31 March 2020 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 March 2020 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Section 498 (2) or Section 498 (3) of the Companies Act 2006. The report of the auditor did however draw attention by way of emphasis, without qualifying the report, to the material uncertainty due to Covid-19 identified by the directors in relation to the going concern basis of preparation.
The consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 March 2020, which have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.
3. Accounting policies
The principal accounting policies of Jaywing plc and its subsidiaries ("the Group") are consistent with those set out in the Group's 2020 annual report and financial statements.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
4. Comparative Restatement
The amounts in the prior year consolidated balance sheet and consolidated interim cash flow statement have been restated for misstatements relating to the presentation of IFRS 16 lease disclosures. These restatements have no effect on the Group's loss or net assets in the prior period.
5. Segment information (unaudited)
Jaywing reports its business activities by net revenue in three areas: Brand Performance, Online Performance and Data Science & Analysis and by three main market facing sectors and groups. The 2019 results have been restated into the new segments.
Net Revenue by Segment
Six months ended Retail FMCG F&PS Total 30 Sept 2020 GBP'000 GBP'000 GBP'000 GBP'000 Brand Performance 643 1,488 661 2,792 Online Performance 2,478 902 682 4,062 Data Science & Analysis 333 276 1,879 2,488 -------- -------- -------- -------- Total 3,454 2,666 3,222 9,342 -------- -------- -------- -------- Six months ended Retail FMCG F&PS Total 30 Sept 2019 GBP'000 GBP'000 GBP'000 GBP'000 Brand Performance 871 2,052 616 3,539 Online Performance 2,978 1,603 918 5,499 Data Science & Analysis 449 415 2,094 2,958 -------- -------- -------- -------- Total 4,298 4,070 3,628 11,996 -------- -------- -------- -------- "Retail" includes: Retail, Travel & Leisure, Hospitality, Property & Utilities
"FMCG" includes: Consumer Goods, Industrial, Telecoms, Support Services, Healthcare, Education, Public Sector & Non-Profit
"F&PS" includes: Financial & Professional Services 6. Other Operating Income
The group has been in receipt of various Government funds in the period to 30 September 2020 relating to COVID-19 programs. The amounts in Other Operating Income reflect income relating to the UK Government's Coronavirus Job Retention Scheme, and the Australian Government's Job Keepers and Cash flow Boost schemes.
7. Loss per share (unaudited) Six months Six months Audited ended ended year 30 Sept 30 Sept ended 2020 2019 31 March 2020 Pence Pence Pence per per share per share Share Basic loss per share (0.54p) (1.38p) (9.95p) Diluted loss per share (0.54p) (1.38p) (9.95p)
Loss per share has been calculated by dividing the loss attributable to shareholders by the weighted average number of ordinary shares in issue during the period. The calculations of basic and diluted loss per share are:
Six months Six months Audited ended ended year 30 Sept 30 Sept ended 2020 2019 31 March 2020 GBP'000 GBP'000 GBP'000 Loss for the period attributable to shareholders (501) (1,289) (9,299) Weighted average number of Number Number Number ordinary shares in issue: '000 '000 '000 Basic 93,432 93,432 93,432 Adjustment for share options, warrants and contingent shares - 3,688 3,243 ----------- ----------- ---------- Diluted 93,432 97,120 96,675 ----------- ----------- ---------- 8. Bank overdraft, borrowings and loans (unaudited) Audited 30 Sept 30 Sept 31 March 2020 2019 2020 Summary GBP'000 GBP'000 GBP'000 Bank overdraft - 549 - Borrowings, undiscounted cash flows 8,175 5,200 7,939 -------- -------- ---------- 8,175 5,749 7,939 -------- -------- ---------- Borrowings are repayable as follows: Within 1 year Bank overdraft - 549 - Borrowings 8,175 1,800 7,939 -------- -------- ---------- Total due within 1 year 8,175 2,349 7,939 In more than one year but - 3,400 - less than two years Total amount due 8,175 5,749 7,939 -------- -------- ---------- Average interest rates at % % % the balance sheet date were: Overdraft N/A 2.00 - Term loan 5.10 4.05 5.42
As the loans are at variable market rates their carrying amount is equivalent to their fair value.
A composite accounting system was set up with the Group's bankers in the period ending 30 September 2019, which allowed debit balances on overdraft to be offset across the Group with credit balances.
Cash at Reconciliation of net bank and debt in hand Overdraft Borrowings Net debt GBP'000 GBP'000 GBP'000 GBP'000 30 September 2020 3,044 - (8,175) (5,131) 31 March 2020 1,996 - (7,939) (5,943) 30 September 2019 1 (549) (5,200) (5,748) ---------- ---------- ----------- --------- 9. Share capital (unaudited)
Authorised:
45p deferred shares 5p ordinary shares GBP'000 GBP'000 Authorised share capital at 31 March 2020 and 30 September 2020 45,000 10,000
Allotted, issued and fully paid
45p deferred 5p ordinary shares shares Number Number GBP'000 Issued share capital at 31 March 2020 and 30 September 2020 67,378,520 93,432,217 34,992 --------------- -------------- ---------- 10. Related party transactions (unaudited)
There were no significant changes in the nature and size of related party transactions for the period from those disclosed in the Annual Report for the year ended 31 March 2020.
11. Post balance sheet event
On 21 October 2020, the business completed the acquisition of the remaining 25% of the shares in Massive Group PTY Ltd ("Massive Group") which were not already owned by Jaywing following the exercise of the put option in relation to that 25% stake by entities controlled by the two directors of Massive Group in Australia. Jaywing now owns 100% of the shares in Massive Group, which has traded as Jaywing Australia since 2017.
The 25% stake was acquired for $4.0m (GBP2.2m) and the total consideration for the purchase of the 100% interest was $9.6m (GBP5.4m).
On 8 October 2020, the Company's Performance Share Plan terminated.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR ZZMGZFLMGGZZ
(END) Dow Jones Newswires
December 10, 2020 02:00 ET (07:00 GMT)
1 Year Jaywing Chart |
1 Month Jaywing Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions