Jaywing posts wider loss, announces board changes

Shares in Jaywing, a brand communications and digital marketing company, rose 9% despite posting an increase in full-year pre-tax losses.

Losses before tax jumped to £1.36m from £0.38m, driving losses per share up to reach 1.91p from 0.27p.

Increased losses were driven by larger operating expenses to hit £31.2m from £22.26m. Cash and cash equivalents fell to £1m from £1.99m.

However, revenues were up 26.6% to £33.79m and adjusted EBITDA margin rose to 13.5% from 10.7% in 2014.

Jaywing said the financial year ended 31 March 2015 was a period of innovation with the development of its secure Big Data environment.

Its Epiphany Solutions business, acquired in March 2014, has given the group a profitable growth platform, it said.

Chief executie Ian Robinson said: "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."

In a separate statement, Jaywing apointed its chief operating officer Andy Gardner as the new chief strategy officer and its financial director Michael Sprot as the new chief financial officer.

Robert Shaw, Epiphany's chief executive, joined the group as Jaywing's chief executive of UK and Australia. Adrian Lingard, currently managing director of its consulting division, joined the board as chief operating officer.

Shares were up 9.26% to 29.5p on Tuesday at 14:01.