Key Financials
Unaudited Final Results for the year ended 31 December 2023
Download
FY23 Results Statement
PDF format
Revenue (£)
£67.5m
Adjusted EBITDA (£)
£17.4m
Profit before tax (£)
£5.9m
Cash (£)
£15.8m
Financial Highlights
| FY23 (£m) | FY22 (£m) | Change % | |
| Revenue | |||
| - Direct | 29.3 | 27.8 | 5.5% |
| - Indirect | 37.1 | 33.6 | 10.4% |
| - Other | 1.1 | 1.4 | (25.1)% |
| Total Group Revenue | 67.5 | 62.8 | 7.5% |
| Adjusted EBITDA | 17.4 | 15.7 | 10.8% |
| Adjusted EBITDA margin | 26% | 25% | +1ppts |
| Profit before tax | 5.9 | 7.3 | (18.9)% |
| Cash and cash equivalents | 15.8 | 29.3 | (46.0)% |
- Total Group Revenue of £67.5m (FY22: £62.8m) up 7.5%.
- Direct revenue increased by 5.5% to £29.3m (FY22: £27.8m) reflecting higher activity levels with new and existing clients, and deeper blue-chip advertiser relationships, with 75% of direct revenue from repeating clients.
- Indirect revenue grew by 10.4% to £37.1m (FY22: £33.6m) supported by increased video views and audience growth. Web and social provide diversification and multiple channels for growth driven by investment in people and technology.
- Adjusted EBITDA up 10.8%, to £17.4m (FY22: £15.7m), demonstrating strong year-on-year growth, with a healthy 26% margin (FY22: 25%).
- Adjusting for a reduction in the year-on-year profit contribution from Australia underlying adjusted EBITDA would have grown by over 30%, demonstrating the strength of our core operations.
- The Group continues to be highly cash generative. Cash and cash equivalents at the period-end amounted to £15.8m (HY23: £32.7m, FY22: £29.3m), primarily reflecting the acquisition of Betches. Cash and cash equivalents as of 17 April were £22.0m.
Latest Investor News
18 Apr