LONDON (ShareCast) - (Sharecast News) - Shares in data science and marketing company Jaywing were jumping on Friday, as it reported its audited financial results for the year ended 31 March.
The AIM-traded firm said that despite a 2.8% decline in overall revenue, it achieved a 13.3% increase in group adjusted EBITDA, reaching £2.16m.

Its Australian operations saw a significant improvement in profitability, with adjusted EBITDA there increasing 91.7%, or 107.6% at constant exchange rates, thanks to 17.8% revenue growth, or 28.1% at constant currency.

However, the AUD-GBP exchange rate negatively impacted the group's overall results.

At constant exchange rates, group revenue was stable compared to the prior year, and group adjusted EBITDA increased 17.7%.

In contrast, the UK division experienced a 16.7% decline in adjusted EBITDA, reflecting the challenging economic conditions in the UK marketing sector.

Despite those challenges, the company reported a strong pipeline of new business opportunities in both the UK and Australia.

Jaywing's AI-based PPC automation tool, 'Decision', continued to perform well, with 16 clients now using the service, including two in Australia.

The company also announced that it would hold a general meeting on 26 September at its Sheffield offices.

"The group has been undergoing a period of significant change and recovery that started in the financial year ended 31 March, and has continued since," said executive chairman David Beck.

"The results for the 2024 financial year 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.

"The Australian division is expected to continue to benefit from a strong market and new business pipeline, with revenue growth expected in the current financial year."

Beck said UK market conditions remained challenging, but the UK operation was 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.

"As the cash savings from recent cost reduction initiatives, combined with the benefit of recent new business wins, begin to impact our profit and loss, we anticipate reaching a more stable cash position in the second half of the current year."

At 0947 BST, shares in Jaywing were up 26.22% at 2.84p.

Reporting by Josh White for Sharecast.com.

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