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Marketing agency Jaywing reported narrower annual losses as cost cuts helped offset a hit to revenue from the pandemic impact.
For the year ended 31 March 2021, pre-tax losses narrowed to £360,000 from £9.4 million year-on-year even as revenue fell 16% to £20.2 million.
'It has been an extraordinarily difficult twelve months for the economy, the group and the marketing sector, as a result of the Covid-19 pandemic,' the company said.
'Underpinned by the cost realignment activities outlined in the interim results, we have been able to rebuild profitability, with adjusted EBITDA of £2.2 million for the full year compared with the previous year loss of £35 million,' it added.