Key Financials

Unaudited Final Results for the year ended 31 December 2023




FY23 Results Statement 
PDF format

Revenue (£)


Adjusted EBITDA (£)


Profit before tax (£)


Cash (£)


Financial Highlights

-          Direct 29.3 27.8 5.5%
-          Indirect 37.1 33.6 10.4%
-          Other 1.1 1.4 (25.1)%
Total Group Revenue 67.5 62.8 7.5%
Adjusted EBITDA 17.4 15.7 10.8%
Adjusted EBITDA margin 26% 25% +1ppts
Profit before tax 5.9 7.3 (18.9)%
Cash and cash equivalents 15.8 29.3 (46.0)%


  • Total Group Revenue of £67.5m (FY22: £62.8m) up 7.5%.
    • Direct revenue increased by 5.5% to £29.3m (FY22: £27.8m) reflecting higher activity levels with new and existing clients, and deeper blue-chip advertiser relationships, with 75% of direct revenue from repeating clients.
    • Indirect revenue grew by 10.4% to £37.1m (FY22: £33.6m) supported by increased video views and audience growth. Web and social provide diversification and multiple channels for growth driven by investment in people and technology.
  • Adjusted EBITDA up 10.8%, to £17.4m (FY22: £15.7m), demonstrating strong year-on-year growth, with a healthy 26% margin (FY22: 25%).
  • Adjusting for a reduction in the year-on-year profit contribution from Australia underlying adjusted EBITDA would have grown by over 30%, demonstrating the strength of our core operations.
  • The Group continues to be highly cash generative. Cash and cash equivalents at the period-end amounted to £15.8m (HY23: £32.7m, FY22: £29.3m), primarily reflecting the acquisition of Betches. Cash and cash equivalents as of 17 April were £22.0m.

Share Price


Important Dates

Interim Results