Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Jaywing makes board changes amid mixed trading
(Sharecast News) - Jaywing announced a number of changes to its board on Monday, with chief executive officer Andrew Fryatt having resigned, effective immediately. The AIM-traded firm said that at the same time, its chief financial officer Christopher Hughes would assume a broader role encompassing operations as a combined chief operating officer and CFO.
Hughes would join the board with immediate effect.
David Beck, who joined the board in April, would meanwhile take on the role of executive chairman, succeeding Ian Robinson.
Robinson would transition to a non-executive director role, retaining his position on the board.
Looking at its trading, Jaywing said that despite challenging market conditions in the past financial year, it anticipated reporting flat year-on-year revenue in the 2024 financial year on a constant currency basis, with a slight decrease in real terms.
The company said its Australia division saw robust growth, with revenue increasing nearly 30% in local currency.
It ended the financial year to 31 March by securing several major contracts in the UK and Australia, including significant work from an existing Australian client in the UK.
The positive impact of those wins, coupled with cost reductions implemented in the UK agency division in 2024, was expected to be reflected in the full-year results.
Conversely, the UK consulting division reported an unexpectedly weak performance in the last quarter of the year and into the first quarter of the current year due to scheduled work with a major customer not materialising.
Jaywing said that revenue shortfall, combined with increased operating expenses and the need for further reductions, had strained the company's working capital.
As a result, it intended to initiate discussions with its lenders, DSC Investment Holdings and Lombard Odier Asset Management Europe, represented on the board, to explore increasing the existing facility.
While market conditions remained challenging, the industry outlook was showing signs of improvement.
Jaywing said it remained focussed on demonstrating the effectiveness of its data-led offerings, which were resonating strongly with both new and existing customers.
The company said it was aiming to achieve operational efficiencies, margin improvement, and enhanced financial results once its working capital had normalised.
On 4 March, Jaywing announced its exploration of strategic options, including a possible sale of the company, in response to the lenders' desire to recapitalise the business.
However, given the easing of tough trading conditions over the last few years and increased business confidence, coupled with cost-cutting measures, the board said it had concluded that a sale of the company was not in the best interests of stakeholders.
As a result, the board had terminated the strategic review under the Takeover Code, and was no longer in an offer period.
"Andrew has led the business through a challenging period and the board would like to thank him for his contribution in his four years with the group," said chairman Ian Robinson.
"After nearly three years with the group, Christopher Hughes is ready to step up to the COO role; the three CEOs of the group's operating businesses will report to him.
"David Beck is an experienced executive with both relevant industry experience and a strong track record, he will focus on helping the executive team to build and grow the business."
At 1137 BST, shares in Jaywing were down 14.32% at 2.7p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.