Listed marketing firm delays annual results after continued ‘challenging’ trading

A Sheffield-headquartered digital marketing firm is negotiating with its bank and its two major shareholders “with a view to strengthening the company’s balance sheet” after continued weak trading. 

Jaywing, which also employs a large number of people in Leeds, this morning issued a trading update, which follows a profit warning it issued in July. It will now delay its annual financial results further. 

This morning, Jaywing said: “Trading has improved since the end of June but conditions remain challenging with client activity adversely impacted by the uncertain economic and political outlook. 

“As a result, the Directors have been in negotiation with the Company’s bank and its two major shareholders with a view to strengthening the Company’s balance sheet.  These negotiations remain ongoing and constructive.

The trading update follows on from the profit warning issued on 10 July. Then, the company said that trading in the first quarter of the current financial year had been very weak and that the company expected to publish its preliminary results for the year to 31 March 2019 before the end of August 2019.    

 Jaywing now expects to publish its 2019 Preliminary Results by the end of September 2019.