Market's view on Jaywing
Published on April 2024
- Multiple redundancies have been implemented as part of necessary restructuring within the company.
- Concerns are raised about the effectiveness of the current CEO, Andrew Fryatt, especially given his lack of agency experience and failure to address senior leadership team issues.
- Significant client losses including Yorkshire Water, HSBC, and potentially BP Castrol are noted, with former employees setting up competing agencies.
- The company is perceived as losing its core growth engines and its Australian business may not be as robust as portrayed.
- Financial practices, such as the handling of EBITDA, have been criticized for omitting significant expenses like office rent, misleading stakeholders.
- A major shareholder announcement has positively affected the share price.
- The acquisition proposal, despite being theoretically beneficial, has not been well-received by the market.
- The company no longer lists its Newbury office on its website, suggesting operational changes or downsizing.
- Jaywing has won a significant new contract with Skipton Building Society worth up to £3m over three years, yet this has not prevented a drop in share price.