Revenues recover at data science agency following pandemic’s impact
Jaywing, an agency specialising in data science, has reported revenue for FY22 of £23.3m (2021: £20.2m), a growth of 16% on FY21.
Sheffield and Leeds-based Jaywing, which has released its audited results for the year ended 31 March 2022, also recorded a pre-tax loss of £6.5m (2021: £1.5m loss).
Non-executive chairman, Ian Robinson, said the figures demonstrate a strong recovery from the impact of Covid-19 on FY21 revenues.
He added: “During the course of FY22, the company carried out additional restructuring to further improve business efficiencies, the full effect of which are expected to be realised in FY23.
“The re-organisation of the business in FY21 into market and client facing business divisions continues to provide Jaywing with an increased focus on a more comprehensive and solution-based service offering to clients.
“The Group plans to focus on further organic growth on the back of a strong new business pipeline.
“We will explore opportunities for further investment in advanced data analysis products, the application of technology to marketing challenges and related people resources to support our data science led service offerings to clients.”
Jaywing says its success in the UK was driven by notable new business wins.
It says the acceleration of the move towards digital since the pandemic began has reinforced companies’ need to understand marketing effectiveness.
Amongst the agency’s existing marketing clients, the biggest increases in spend came from Castrol, HSBC, Savills and La Redoute. Their spend on performance marketing, in particular, has increased significantly.
Key new clients for Jaywing included Rush Hair & Beauty, Hallmark Cards, Cox Automotive, CityFibre and Skipton Building Society. New business wins for the agency have accelerated through the year, with the most recent marketing successes including BNP Paribas, Restore Group and Verdant.
Jaywing says it remains in discussions with each of the holders of its secured debt about a potential debt reorganisation to provide a more sustainable long-term support facility for the Group.