Jaywing PLC Appointment of CFO & Trading Update (1458X)
26 August 2020 - 4:00PM
UK Regulatory
TIDMJWNG
RNS Number : 1458X
Jaywing PLC
26 August 2020
26 August 2020
Jaywing plc ("Jaywing")
("Jaywing", "the Company" or "the Group")
Appointment of Chief Financial Officer, Notice of Results,
Trading Update and Closure of Performance Share Plan
Appointment of CFO
The Board of Jaywing plc (AIM: JWNG), the UK agency specialising
in data science, is pleased to announce that it has appointed
Caroline Ackroyd as Chief Financial Officer with effect from 7(th)
September 2020. Caroline will report directly to Andrew Fryatt,
Chief Executive Officer, and is expected to join the Board in due
course.
Caroline is an experienced CFO with significant commercial
experience in technology-based businesses operating in competitive
and client-centric markets. She is currently CFO of Push Doctor, a
provider of online GP services, and previously held senior finance
roles in Sky Betting & Gaming and Coral Interactive.
Full year results announcement
The Company announces that it has received approval from AIM
under its COVID-19 temporary measures for a three-month extension
to the publication of the Company's full year results for the year
ended 31(st) March 2020. These will now be published before the end
of November 2020. The Annual General Meeting of the Company will
take place on 29(th) September 2020, followed by a General Meeting
in December 2020 to approve the financial statements. A notice of
the Annual General Meeting will be posted to shareholders in due
course.
Performance Share Plan
The Company also announces the termination of the Jaywing Plc
Performance Share Plan, with effect from 9(th) October 2020, in
accordance with the rules of the plan. Following this closure,
there will then be no outstanding share options under the
Performance Share Plan, although the Company continues to operate
an employee Save As You Earn scheme, which terminates in 2021.
Business update
Following the trading and banking challenges during the previous
financial year, the Company began the process last year of
restructuring and realigning the business more closely to its
clients and its service offerings. This restructuring and
realignment of the business has continued following the appointment
of Andrew Fryatt as CEO in March 2020.
The Company expects to report net revenue for the year ended
31(st) March 2020 of approximately GBP24.0m (2019: GBP29.8m). At
31(st) March 2020, net debt was GBP5.7m (2019: GBP5.0m).
Since March 2020, the economic impact of COVID-19 has resulted
in revenue levels below those of the prior year, but the Company
has taken actions to protect both cash and profitability through
this period, including voluntary salary reductions, cost
reductions, rent deferrals and deferral of certain HMRC payments.
The Company has also continued to win new business and the April to
June quarter has been profitable at EBITDA* level (unadjusted). As
at 31(st) July 2020, the Company's net debt had reduced to GBP3.9
million, excluding GBP1.7m of deferred liabilities for VAT, PAYE
and rent. Whilst there remains considerable uncertainty in markets
generally, the Company believes that it is well positioned to
benefit as economic activity recovers.
Andrew Fryatt, CEO, commented:
"We have been able to provide continuous service to our clients
since March, and I am pleased that we have to date mitigated the
impact of this pandemic on the business. I am grateful to our
employees for adapting so rapidly to remote working.
"I am also delighted that we have been able to recruit someone
of the calibre of Caroline into the CFO role and look forward to
working with her to fulfil the potential of Jaywing."
This announcement is released by Jaywing and contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 ("MAR"), and is disclosed in accordance
with the Group's obligations under Article 17 of MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Group by Andrew Fryatt, Chief Executive Officer.
*operating profit after adding back depreciation, amortisation,
share based payment charges and other non-cash charges.
Enquiries:
Jaywing plc ( www.jaywingplc.com )
Andrew Fryatt (CEO)
Tel: 0114 281 1200
Cenkos Securities plc
Nicholas Wells/Callum Davidson (Nominated Adviser)
Tel: 0207 397 8900
END
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