16 November 2022
Dotdigital Group plc
(“Dotdigital” or the “Group”)
Final Results for the year ended 30 June 2022
Growth in all regions with strong profits and cash generation
Dotdigital Group plc (AIM: DOTD ), the leading ‘SaaS’ provider of an omnichannel marketing automation and customer engagement platform, announces its final audited results for the year ended 30 June 2022 (“FY22”).
Financial Highlights
· Organic revenue growth of 8% to £62.8m (FY21: £58.1m)
o Recurring revenue increased to 94% (FY21: 93%)
o Monthly ARPC1 increased 17% to £1,461 (FY21: £1,251 per month)
· Adjusted EBITDA2 grew 10% to £21.7m (FY21: £19.8m)
· Adjusted operating profit3 increased 6% to £14.5m (FY21: £13.7m)
· Adjusted basic earnings per share of 4.27p (FY21: 3.82p)
· Strong net cash balance at 30 June 2022 of £43.9m (FY21: £32m)
· Proposed final dividend of 0.98p per ordinary share (FY21: 0.86p) in line with progressive dividend policy
Operational Highlights
· Growth across all global regions against exceptional prior year
· Digital marketing budgets continue to increase with focus on data and actionable insights
· Deeper and broader partner engagement, with revenue through strategic partner connectors up 14% to £28.9m (FY21: £25.4m)
· Email marketing remains core alongside growing omnichannel uptake, with email volumes up 22% YOY
· Increased headcount and new management team in North America showing early positive trends as well as strengthening the sales and customer success teams in APAC
· Product innovation driving value with functionality recurring revenue4 up 18% to £22.3m (FY21: £18.9m)
· Customer data platform launched to enable our customers to aggregate data from their business systems for relevancy and personalisation
· Board commitment to net zero emissions target by 2030
· Post period end appointment of Chairman and CFO adding management bandwidth
Milan Patel, CEO of Dotdigital, commented:
“We are pleased to report a strong year of growth and profitability for Dotdigital and significant operational enhancements, comparing well against a strong prior year that was boosted by one-off pandemic related SMS revenue.
“The advancements we have made to our technology platform over the year positions us at the heart of Marketeers’ evolving needs, providing the tools they require to drive broader, more targeted customer engagement. At the same time, we believe we now have in place the right teams and infrastructure to support our next stage of growth. Backed by high recurring revenues and strong cash generation, we will continue our focused investment in the business to grow our brand awareness through our partner networks, build our platform offering in line with our technology vision and bolster our internal talent to ensure we continue to scale across our territories.
“The positive trading momentum at the end of the period has continued into the new financial year. With the challenges from the first half of the year addressed together with favourable market drivers, the Group is tracking in line with expectations for revenue growth and profitability marginally ahead.
“Whilst we are monitoring the impact of the wider economic climate across our markets, our technology’s proven ROI provides a compelling value proposition to customers as they look to connect with their target audiences. This, together with a clear growth strategy and strong balance sheet, gives us confidence in our ability to continue to grow profitably.”
Investor Video: A highlights video is available to watch here: http://bit.ly/3tu7MX1
Investor Deck: A copy of the slides relating to the FY22 results is available here: https://www.dotdigitalgroup.com/events-presentations/
Investor Presentation : The management team will provide a live presentation relating to the final results via the Investor Meet Company platform on Friday, 18 November at 10.30am GMT. Investors can register here: https://www.investormeetcompany.com/dotdigital-group-plc/register-investor
Annual Report: A copy of the Annual Report for FY22 will be available on our website shortly: https://www.dotdigitalgroup.com/reports/
Notes
1. ARPC means Average Revenue Per Customer (including new customers added in period and existing customers)
2. EBITDA is earnings before interest, tax, depreciation and amortisation and adjusted for acquisition costs and share-based payments
3. Operating profit is adjusted for acquisition costs and share-based payments
4. Functionality revenue refers to license fees and enhanced bolt-on functionality
For further information please contact:
| Dotdigital Group PlcMilan Patel, CEOAlistair Gurney, CFO | Tel: 020 3953 3072InvestorRelations@dotdigital.com |
| Alma PR (Financial PR)Hilary BuchananDavid IsonKieran Breheny | Tel: 020 3405 0210dotdigital@almapr.co.uk |
| Canaccord Genuity (Nominated Advisor and Joint Broker) Bobbie HilliamJonathan Barr, Sales | Tel: 020 7523 8000 |
| finnCap (Joint Broker) Jonny Franklin Adams, Corporate FinanceAlice Lane, ECMRhys Williams, Sales | Tel: 020 7220 0500 |
| Singer Capital Markets (Joint Broker) Shaun Dobson, Chairman of Corporate FinanceAlex Bond, Corporate Finance | Tel: 020 7496 3000 |
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF 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.
CHAIRMAN’S STATEMENT
I became Chairman of Dotdigital Group Plc post-year end on 5 July 2022, replacing Mike O’Leary, who left the business due to health reasons. Mike played an important role in helping the Company navigate the pandemic while continuing to deliver against its strategic objectives and I would first like to wish him all the best in his continued recovery.
A compelling opportunity
There were several reasons I took the role. Firstly, the product is exceptional. The marketing automation technology the Group has developed is among the most powerful and easy to use on the market, capable of delivering outstanding returns on investment and significantly enhancing a brand’s reputation.
The second is the quality of the Group’s growing customer base. International in nature and comprising a diverse range of blue-chip organisations from different sectors, marketeers at some of the world’s biggest brands rely on Dotdigital to power their campaigns.
Thirdly, the Group has an impeccable knowledge of the markets in which it operates. Its teams understand the direction the digital marketing industry is moving in; they understand the evolving needs of marketeers, they know how to address them through the platform, and they recognise the steps we need to take as a business to grow our competitive advantage.
Finally, the business has immense potential. The Group has firmly established itself as one of the leading firms in the industry, but there is much more to go for. Supported by a robust balance sheet, there are several routes to accelerate growth available to us.
Ending the year on a high
To have successfully delivered a year of strong growth and profitability despite the challenging circumstances is testament to the ability and hard work of our teams, the resilience of our model, and the continuing demand for our products.
The pandemic led to a temporary increase in demand for transactional SMS in the prior year which tempered the year-on-year growth rate, our North American operation was negatively impacted by an unusually competitive labour market in the first half, and the Group was recruiting for a Chairman and Chief Financial Officer (CFO) for much of the second.
I’m pleased to report that those challenges were overcome in the second half, and positive momentum has continued into the new financial year. Crucially, we now have management in place in North America and are having success in both hiring and retaining colleagues in the region. While our teams there continue to embed, the pipeline is building at a healthy rate.
We have also now filled the vacant roles on the Board, adding complementary new skills and abilities and providing the bandwidth for management to return to focusing solely on growing the business and creating shareholder value.
My priorities since joining
The first was to secure a new Chief Financial Officer with the right credentials and ambitions that matched our own. A dynamic finance professional with an impressive track record working in senior roles at private equity-backed technology businesses, Alistair Gurney was the outstanding candidate for the position, and I am delighted we were able to welcome him onto the Board in September 2022.
The second priority was to work with the Board to sharpen the strategy. For several years now, much of Dotdigital’s R&D efforts have centred around data functionality as demand for actionable insight in the market grows. As a result, Dotdigital is now the platform of choice for thousands of marketeers around the world looking to design and deliver advanced strategies with personalisation at their core.
The next step is to build out our data capabilities further, ensuring we stay ahead of the curve and granting access to new markets by offering one of the most comprehensive customer data experience platforms (CDXP) available. Plans are in place across our R&D teams to this end, and we are exploring opportunities to accelerate the process through selective acquisitions of adjacent technology. More information on our CDXP ambitions is provided in the Chief Executive Officer’s review in this report.
The third priority, in parallel with the first two, was to engage with the Group and its marketplace and understand the culture of Dotdigital. Over the past few months, I have met with many colleagues from across the Group. I have been impressed by the calibre of talent at our disposal and encouraged by our teams’ enthusiasm for what we as a Group are trying to achieve.
Sustainable foundations
The Board continues to focus efforts on progressing the Group’s Environmental, Social and Governance (ESG) agenda. ESG is central to what we do and have made significant progress on our initiatives in the year.
The Board is also aware that focussing on Dotdigital’s own performance, as well as the technology we provide to our customers, also has a beneficial impact on both the people and our planet. As a business we prioritise our people through wellbeing initiatives, meeting governance expectations through our accreditation of ISO14001 and achieve high standards on data privacy and data security through our accreditations and control systems of ISO27001 & ISO27701.
We have a number of new initiatives underway, including a Board commitment to a net zero emissions target by 2030. Further details of Dotdigital’s environmental initiatives and performance in 2022 are set out in the FY22 annual report.
Dividend
The Board has agreed to maintain a progressive dividend in line with Group EBITDA growth. Therefore, subject to approval at the AGM in December 2022, the Board proposes that the Group pay a final dividend of 0.98p per ordinary share (2021: 0.86p), payable at the end of January 2023.
Looking ahead
We now have in place a strong Board with the right blend of skills and experience, high quality management and support teams across our international markets, a first-class product, growing pipelines, a clear strategy and the financial firepower to accelerate delivery.
The economic backdrop remains uncertain but, as the pandemic demonstrated, effective engagement with existing and prospective customers is just as important to brands in more challenging times as it is in good, providing Dotdigital a degree of insulation against recessionary pressures.
We know the direction we want to take the business and are focussed on using our cash in the optimal way to capture the wealth of available opportunity. It is early in my tenure, but I am excited about our prospects, and look forward to keeping shareholders updated as we progress towards our goals.
John Conoley
Non-Executive Chairman
15 November 2022
CHIEF EXECUTIVE OFFICER’S REPORT AND FINANCIAL REVIEW
Overview – Year of profitable growth and operational enhancements
We are pleased to report a strong year of growth and profitability for Dotdigital, along with significant operational enhancements. These results represent a full financial year since the onset of the pandemic and, despite challenges in the macro environment, compare well against a strong prior year performance that was boosted by one-off pandemic- related SMS revenue. We have cemented our relationships with our customers as a strategic partner, helping them deliver a high return on investment from their digital marketing strategies through a combination of best of breed functionality and services.
We have a differentiated and well-integrated offering, including leading orchestration functionality at the heart of the platform, saving our customers time. We have seen sustained business momentum through 2022 as a result of continued execution against each pillar of the Group’s growth strategy, namely product innovation, geographic expansion and strategic partnerships, helping us deliver Group organic growth of 8%.
During the year, while some form of normality is returning across the different territories post COVID-related restrictions, we have continued to see an acceleration in the shift towards Digital Marketing and the creation of relevant and personalised experiences to audiences across all industries. The use of data, platform adoption and automation capabilities are all continuing to rise and, from a product development perspective, we continue to enhance the Dotdigital platform to ensure it excels in these areas. By helping launch targeted campaigns in our customers’ advanced marketing strategies, ensuring they have an individualised message at every touchpoint with their customer or prospect and a strong return on investment, our product has cemented itself as the platform of choice for both B2B and B2C marketeers.
A lot of progress has been made in the second half of the year rebuilding our team in North America, with management now in place to lead the vision and execution of growth in the region. We continue to see employee retention strengthen and the successful recruitment of new talent as we embed our culture in a hybrid working environment and competitors pause for breath in their hiring efforts. Through these investments we are making the business more scalable, which puts us in a good place to return to double digit organic growth over the medium term.
We continue to see the increase in customers adopting an omnichannel approach, with Email Marketing remaining core to their strategies for driving customer acquisition and retention. We saw email volumes grow 20% in the period as budgets continued to increase and verticals/industries started to return to normal volumes post-pandemic.
As we look forwards, with our vision of building out our Customer Data Experience Platform (CDXP), alongside our own research and development efforts, we will look at acquisitions that offer added value and resilience to our business model. This will not only allow us to expand our addressable market with larger customers, but also makes our existing customers stickier.
Business Review – Marketing automation platform underpinned by rich customer data
Dotdigital is focussed on empowering marketers to connect with customers through its powerful automation platform that unifies all digital channels. Our platform provides tools that enable marketing teams to launch highly targeted, personalised and relevant campaigns to customers and prospects with personalised engagement at every touchpoint – the right message, at the right time, through the right channel to the right person. The result is faster and more effective marketing campaigns with increased engagement and demonstrable ROI.
The use cases of the Group’s offering are wide and global, however the Group remains focused on mid-market and enterprise clients across target verticals including retail, non-profit, education, financial services, sports and travel to name a few. The Group’s foundations and particular strengths are in email and deep integrations into strategic partners within e-commerce and CRM.
Results summary – Organic growth and cash generation
The Group generated revenues of £62.8m (2021: £58.1m). This 8% growth was entirely organic, led by larger value customers, existing client growth and improved customer retention in the EMEA region.
Adjusted EBITDA increased by 10% to £21.7m (2021: £19.8m) driven by the contribution from organic growth and improving gross margin due to an increase in email volumes which is a very high margin compared to lower margin channels such as SMS. Statutory operating profit was £13.6 million (2021: £12.9 m) including adjusting items of £8.1 million (2021: £6.9 m).
We have a strong track record of cash generation and this remains a high priority for the Group with net cash increase of £11.6m in the period (2021: £6.5m).
Market opportunity – Continued march toward digital and heightened focus on personalisation
We operate within the large global Marketing Automation market, estimated to be worth $5.5bn and growing at between 12% -13% year on year. This market comprises three main target segments with technologies and business models optimised accordingly. These segments consist of small/micro companies, mid-market and enterprise. The mid-market and enterprise segments we are primarily focussed on together estimated to be worth circa $3bn.
Our target verticals differ slightly depending on region and level of brand awareness. In North America and APAC, where awareness of Dotdigital continues to develop, we focus on e-commerce businesses through our strategic partnerships and integrations. In the EMEA market, where our brand awareness is high, we target all industry types. In what remains a fragmented market, we offer a comprehensive functionality set and range of services to help customers drive a higher ROI.
Digital transformation for marketeers continues at pace in a post-Covid world which has adapted quickly to online experiences. Marketeers’ strategies are becoming more sophisticated with the use of data and actionable insights. The Dotdigital platform is well placed to support this, making it easy for customers to make use of data while providing drag and drop functionality to automate messaging at all parts of the customer journey.
Email Marketing still generates the highest ROI from all Digital Marketing campaigns and continues to be the marketeers’ channel of choice, complemented by other channels to form the overall experience. As the shift to digital progresses, we continue to see an uptake of additional channels, such as push and app messaging, aligned with our move towards building out omni-channel capabilities through the acquisition of Comapi. According to eMarketer, Digital Marketing as a percentage of overall Marketing continues to increase and now represents 66%; as some of the traditional marketing budgets move into Digital. We are well placed to capture this growth.
Growth strategy – Focussed execution against long-term vision
Having established a best-in-breed marketing automation platform with omni-channel capability and global scale, we continue to see huge growth potential with our core capabilities as the market moves toward digitally-enabled marketing. At the same time, our financial strength, combined with broad customer reach, provides us with the foundation and resources to build our offering, both organically and through acquisition, in line with our long term vision of building the most comprehensive CDXP capabilities. CDXP describes the ecosystem by which companies and brands view and seek to influence the customer journey – from connecting and communication with customers and prospects, to retaining and optimising their purchasing decisions. The tools that enable marketeers to have insight into the journey is founded on rich customer data, which is where the Dotdigital Engagement Cloud excels, and provides an opportunity to leverage through core capability enhancements as well as new capabilities in this space.
Customer data sits at the core of everything we do, and there is substantial scope to broaden our offering to provide even deeper engagement for our customers across any channel through a unified source of customer intelligence.
This vision is underpinned by our organic growth strategy, which continues to be focussed around three core pillars: product innovation, geographic expansion and strategic partnerships.
Product innovation
We are making good progress in growing the number of customers using enhanced functionality, including an increasing number of data connectors through our IPaaS (Infrastructure Platform as a Service) capabilities, while continuing to enhance our customer data platform launched in the financial year to enable our customers to aggregate data from their business systems for relevancy and personalisation. We continue to educate the markets, through live sessions and digital marketing content, on how to adopt new features to enhance messaging. This helped drive an 18% increase in functionality recurring revenue from product updates and enhancement, taken by both existing and new customers, to £22.3m (2021: £18.9m).
The platform continues to go from strength to strength, delivering on the needs of our customers and maintaining our competitive advantage.
Geographic expansion
We continued to successfully grow our presence in international market in the period, in pursuit of our goal of diversifying revenues outside of the UK. The Group saw revenue growth across all key global regions, despite the wider effects of COVID-19, supply chain issues and a weakening economic backdrop.
In EMEA, revenues grew 8% to £48.2m (2021: £44.6m) helped by retention as we strengthen relationships with our customers and deliver on their ROI metrics. We have continued to see retention improve in the region as we strengthen relationships with our customers and deliver on their ROI metrics. We have also seen continued growth in spend from existing clients as they increase their email message volumes, start to adopt an omnichannel approach and continue to increase the use of our platform features.
Revenues from the Americas were up 3% to $12.9m (2021: $12.5m). Despite headwinds faced in the first half of the financial year from recruitment challenges, we made great progress in the second half. A new management team has now been put in place to lead the execution of the strategy in the region and we were able to step up our recruitment efforts in our go to market teams, which are now embedded and are already starting to gain traction. We saw strong customer wins in the fourth quarter of the financial year and that momentum has continued into FY23.
The APAC market saw high levels of growth in the year, with revenues growing 18% to $9.1m (2021: $7.7m). We further increased Dotdigital’s presence in the region in the period through expanding our team in Singapore, which has led to encouraging pipeline growth in Japan and the Far East.
Strategic partnerships
Revenues from customers using a data connector from one of our strategic partners grew 14% to £28.9m in the year.
Enhanced brand awareness, alongside additional functionality and new integrations into technology platforms, have allowed us to continue growth in the Magento space. Our respective teams continue to work together on our joint marketing strategy and enhanced development of our integration. During the year we also became a premier partner of the Adobe Experience programme. In the year, revenue from Magento customers grew 10% from £14.3m to £15.8m.
Our Shopify relationship continues to go from strength to strength. We have seen an increasing pipeline resulting from the integration we have built with Shopify Flow, which allows e-commerce merchants a seamless connection to easily deploy campaigns from the Dotdigital platform. We continue to build relationships with system integrators in the ecosystem. In the year, revenue from Shopify customers grew 56% from £2.1m to £3.3m.
As BigCommerce’s global partner, we continue to build on the brand awareness within the user base and deepen our strategic relationship, formulating a joint go to market plan and joint marketing efforts to the user base. We saw a 67% increase in revenue from BigCommerce-connected customers in the year to £0.6m (from £0.4m in June 2021).
As part of our commitment to our B2B Marketing customers, we have continued to enhance our integrations into both Microsoft Dynamics and Salesforce CRM as well as building additional functionality specifically for B2B Marketing tactics. Revenues from customers using our CRM connectors increased 7% to £8.0m in the year, from £7.5m in the prior period.
We have recently launched our integration into a new strategic partnership with Zendesk to further enhance Zendesk Sell, bringing the Marketing Automation value proposition to its customer base. This will allow its customers to store conversations that can be used to increase relevancy and personalisation. Albeit early days, we continue to see a growing pipeline.
M&A
Together with our organic growth we intend to create value from acquisitions to help build our position as a global market leader in the growing Marketing Automation sector. We will look to invest in adjacent technology that accelerates development of the platform’s CDXP capabilities. This will allow for average revenue per customer (ARPC) expansion within our existing global customer base but also the ability to enter new addressable markets.
The key categories will remain around the three pillars to our acquisition strategy:
· Adjacent technology to accelerate our CDXP capability;
· Consolidation of the market for talent and brand to expand geographical coverage
· Specialist functionality for target verticals.
To drive value, we will integrate the core capabilities into the platform to accelerate growth but also manage costs to increase margins and cash generation.
Financial review
Business model
The Group generates most of its revenues from software and annual message plans which are recognised equally over the life of the contract. In addition, we sell upgrade packages to customers, allowing them to use additional modules and platform features. The best value is available to those who take advantage of additional functionality and integrations which help them leverage their customer data. We also have a small amount of professional services revenue.
Revenues
The Group achieved revenue growth of 8% (2021: 23%) to £62.8m (£58.1m 2021). To achieve this against the backdrop of 2021 in which, we enjoyed significant revenue from one off COVID-19 related messaging volumes, is testament to the Group’s focus on contracted SaaS revenues, which grew by 10% to £49.6m in 2022. Total recurring revenues including contracted messaging plans now comprise 94% of total revenue.
Total recurring revenue has grown with a compound annual growth rate (CAGR) of 17% since 2018, this is driven by our functional recurring revenues which have grown at 26% over the same 4 year period.
International revenues remained at 31% of the Group total.
Gross margin
The gross margin for the period remained at 82%. Whilst the gross margin for email and standard channels remained above 90%, this is always diluted by SMS and professional services, which each have a higher marginal cost of sale. We continue our focus on high margin growth as opposed to driving revenue irrespective of quality.
Operating expenses
Adjusted operating profit from continuing operations grew by 6% from £13.7m to £14.5m as we continued to invest in people in the areas of development, sales and marketing, particularly within the high-growth regional offices, to continue enhancing and adding to the product suite.
Balance sheet
There was strong cash management in the year with net cash generated from continuing operations of £23.4m (2021: £20.7m). The cash balance at the end of the period was £43.9m (2021: £32.0m). The Group continues to be debt free and maintains a healthy balance sheet. A combination of a highly efficient cash collection process and an incentivisation push to move more customers onto Direct Debit and other automated payment collection methods helped with the year-end position.
Trade receivables have reduced by 3% in the year reflecting focussed cash management. Overall receivables have reduced by 1%.
The Group continues to invest heavily in the platform to increase functionality around marketing automation, increasing the number of messaging channels and surfacing data and providing insights for our customers to provide excellent customer engagement. This continued investment is demonstrated by the increase in product development to £7.6m (2021: £6.8m).
Tax
Profitability from continuing operations continues to grow. This is reflected within the tax charge, which is now £1.2m with an effective tax rate of 9%, with a lower than standard rate due to enhanced R&D tax credits.
EPS
In the year the adjusted basic EPS increased to 4.27p (2021: 3.82p) and adjusted diluted EPS increased to 4.18p (2021: 3.76p), despite the higher effective tax rate of 9%, (2021: 8%). Basic EPS also increased to 3.96p (2021: 3.55p)
Dividend policy
As announced last year, the Board conducted its review of its organic business plan for the following three years. This included evaluating the cash needs required for opportunities in organic growth to increase shareholder value and capital expenditure. The Board decided that it will continue to keep a progressive dividend in line with Group EBITDA growth. Therefore, subject to approval at the AGM in December 2022, the Board proposes that the Group will pay a final dividend of 0.98 pence per ordinary share (2021: 0.86p), to be payable at the end of January 2023.
People – The lifeblood of Dotdigital
John Conoley joined us as Non-Executive Chairman and Board member on 5 July 2022. John brings significant public company experience to the Board as well as industry experience following extensive career spanning various roles within the technology sector. John has established a track record in growing businesses and delivering value creation.
Alistair Gurney also joined us as Chief Financial Officer and Board member on 19 September 2022. Alistair brings significant experience from private equity backed technology business, M&A and in areas such as financial planning and analysis.
Through the period we continued investing in management across all regions as well as in Product Engineering, Sales, Customer Success, and Marketing to bring new experiences and build scale within the teams.
Environmental, Social and Governance (ESG) – Our sustainable foundations
We report on our Scope 1, 2 and 3 Greenhouse Gas (GHG) emission and there was an increase in the period of gross CO2e by 27% as travel came back post covid lockdowns and return to some normalisation to events and face to face meetings. We are incredibly proud that we have offset our CO2 emission by carbon offsetting to be Carbon neutral through the period. We have also continued to adhere to the standard on ISO14001 Environmental Management systems and continue to support the Terra carta on environmental matters.
Current trading and outlook
The advancements we have made to our technology platform over the year positions us at the heart of Marketeers’ evolving needs, providing the tools they require to drive broader, more targeted customer engagement. At the same time, we believe we now have in place the right teams and infrastructure to support our next stage of growth. Backed by high recurring revenues and strong cash generation, we will continue our focused investment in the business to grow our brand awareness through our partner networks, build our platform offering in line with our technology vision and bolster our internal talent to ensure we continue to scale across our territories.
The positive trading momentum at the end of the period has continued into the new financial year. With the challenges from the first half of the year addressed together with favourable market drivers, the Group is tracking in line with expectations for revenue growth and profitability marginally ahead.
Whilst we are monitoring the impact of the wider economic climate across our markets, our technology’s proven ROI provides a compelling value proposition to customers as they look to connect with their target audiences. This, together with a clear growth strategy and strong balance sheet, gives us confidence in our ability to continue to grow profitably.
Milan Patel
Chief Executive Officer
15 November 2022
Alistair Gurney
Chief Financial Officer
15 November 2022