Key Financials
Results for the half year ended 30 June 2024
Revenue (£)
£42.3m
+55%
Adjusted EBITDA (£)
£10.2m
+240%
Profit before tax (£)
£7.1m
+703%
Cash (£)
£26.6m
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HY24 Results Statement
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Financial Highlights
| HY24 (£m) |
HY23 (£m) |
Change % |
|
| Revenue | |||
| - Direct | 22.0 | 11.4 | 92% |
| - Indirect | 19.7 | 15.3 | 28% |
| - Other | 0.6 | 0.5 | 36% |
| Total Group Revenue | 42.3 | 27.2 | 55% |
| Adjusted EBITDA4 | 10.2 | 3.0 | 240% |
| Adjusted EBITDA margin4 | 24% | 11% | 13ppts |
| Profit before tax | 7.1 | (1.2) | 703% |
| Cash and cash equivalents | 26.6 | 32.7 | (19%) |
- Total Group revenue up 55% on a reported basis, with organic growth of 29%, which is faster than the overall market as our proposition continues to be increasingly compelling for advertisers.
- The strength of our diversified revenue model continues to improve with Direct accounting for more than 50% of total Group revenue for the first time since inception, alongside progression of our Web operations which now account for 45% of total Indirect revenue in HY24.
- Adjusted EBITDA of £10.2m (HY23: £3.0m) up 240% and benefitting from revenue growth, improvements delivered from the ANZ operating model changes and the accretive impact of Betches. Organic growth in adjusted EBITDA in the period was 190%.
- Strong adjusted cash conversion of 152% resulted in cash and cash equivalents of £26.6m at the period end (31 December 2023: £15.8m).5