Marketing group targets international growth to maintain momentum

MARKETING consultancy Jaywing has increased earnings by 75% helped by the “transformational” acquisition of Epiphany last year.

The group, which employs nearly half of its 600 staff in Sheffield and Leeds, increased revenues by 27% to £33.8m. Adjusted EBITDA, which is a measure of profitability, rose by three-quarters to £4.1m.

Jaywing’s co-founder and chief executive Martin Boddy has realigned his board to implement a strategy designed to “accelerate growth and tighten operational focus”.

He said: “We have an exciting strategy that will see Jaywing move ever further away from being ‘another’ marketing agency group to being a marketing agency specialising in data science and working in areas of growing marketing spend.

“A business that has both a high level of resilience and a strong platform for domestic and international growth.”

Although the group is optimistic about the opportunities to continue to grow in the UK, it sees “less mature and competitive” markets overseas as the route to higher growth. 

Jaywing is looking for an international distribution channel through which it can sell its products, which would be mainly delivered from its UK operations, which also includes offices in London, Newbury and Swindon.

“Our intention is to explore possibilities either to enter into a commercial joint venture or acquire a business with an established international distribution channel and a product suite that sits well alongside our own,” said Mr Boddy. “In addition, we will seek to develop an improved sales channel in Australia by growing our small operation in Sydney, which currently only sells search marketing services.”

The group continues to look out for acquisitions, following the success of its purchase of Sheffield-based Iris, which enabled it to “deliver significant synergies whilst scaling the overall operation”.

After the restructuring of his executive team, Mr Boddy will remain as chief executive of the group. Epiphany chief executive Rob Shaw will join the board as chief executive for the UK and Australia, assisted by Adrian Lingard who will take on the role of chief operating officer.

Co-founder Andy Gardner will move from chief operating officer to chief strategy officer, taking responsibility for M&A opportunities, product and distribution. Finance director Mike Sprot will be promoted to chief financial officer.