UK's Jaywing hits over two-year low on weak annual outlook

Jaywing

16/02/2023 12:34

** Shares of Jaywing  JWNG.L  fall as much as 25% to 5.150p,
lowest level since January 2021
    ** Stock set to log worst day since December 2019, if losses
hold
    ** Data science specialist sees lower FY rev than year ago
on softened demand in December and January 
    ** Co sees FY rev between 20 mln pounds ($24.1 mln) and 22.5
mln pounds, vs 23.3 mln pounds year ago 
    ** Says demand softened as clients deferred marketing spend
in the UK and Australia amid economic uncertainties 
    ** Adds project revenue previously expected to begin in Q4
now pushed to March 31 
    ** Sees FY adj core earnings ahead of last year, but below
market expectations 
    ** Including session's losses, stock down ~35% so far this
year 
($1 = 0.8298 pounds)
 (Reporting by Prerna Bedi in Bengaluru)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))