Key Financials
Results for the full year ended 30 September 2024
Revenue (£)
£86.2m
+22%
Adjusted EBITDA (£)
£24.5m
+16%
Profit before tax (£)
£14.5m
+32%
Cash (£)
£27.2m
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FY24 Results Statement
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Financial Highlights
| FY24 (9 months to 30 September 2024) | FY23 (12 months to 31 December 2023) | Unaudited 12 months to 30 September 2024 | Unaudited 12 months to 30 September 2023 | Unaudited 12 month YoY growth rate (%) | |
| - Direct | 34.4 | 29.3 | 43.9 | 31.6 | 39% |
| - Indirect | 29.4 | 37.1 | 40.7 | 38.3 | 6% |
| - Other | 1.1 | 1.1 | 1.6 | 1.0 | 60% |
| Total Group Revenue (£m) | 64.9 | 67.5 | 86.2 | 70.9 | 22% |
| Adjusted EBITDA (£m)3 | 16.9 | 17.4 | 24.5 | 21.1 | 16% |
| Adjusted EBITDA margin3 | 26% | 26% | 28% | 30% | (2)%pts |
| Profit before tax | 12.1 | 5.9 | 14.5 | 11.0 | 32% |
| Cash and cash equivalents | 27.2 | 15.8 | 27.2 | 30.7 | (12)% |
- Total Group revenue up 22% for the unaudited 12 months to 30 September 2024, with 6% organic growth and the remainder attributed to the acquisition of Betches in October 20234
- Broadly even split between Direct and Indirect reflects effectiveness of business model and reinforces sustainability of our growth, with Facebook now accounting for 23% of total revenue for the unaudited 12 months to 30 September, compared to 37% at time of IPO
- Adjusted EBITDA up 16% for the unaudited 12 months to 30 September 2024, predominantly driven by the expansion of our U.S. footprint, through the acquisition of Betches, and a more efficient ANZ operating model
- Adjusted EBITDA margin impacted by investments for growth of £3.4m which have focused on our Direct and Web segments, and which are already delivering positive results
- Cash and cash equivalents of £27.2 million at 30 September 2024 (31 December 2023: £15.8 million) with very strong cash conversion of 105%5
Notes
1 External market consensus for year ending 31 December 2024: Revenue £86.3m and Adjusted EBITDA £23.4m.
2 On a proforma basis for the 12 months to the 30 September 2024. Social and Web form part of Indirect, which, along with Direct, is one of two core revenue streams.
3 Adjusted EBITDA – earnings before interest, tax, depreciation, and amortisation adjusted for share-based payments (including employers NIC as appropriate) and adjusting items. Adjusted EBITDA margin is adjusted EBITDA divided by Group Revenue represented as a percentage.
4 Organic growth excludes the impact of Betches acquisition and ANZ model restructure.
5 Cash conversion is on a proforma basis for the 12 months to 30 September 2024 and calculated as operating cash flow divided by adjusted EBITDA.
6 All numbers shown on a proforma basis for the 12 months to 30 September 2024. Repeat revenue represents percentage of proforma 2024 Direct revenue from clients that ran campaigns with us in 2022 and 2023 proforma periods.
7 Audience numbers reflect social followers, unique podcast listeners and average monthly website users in the 12 months 30 September 2024. The percentage growth indicates the change compared to the corresponding period in the previous year.