TIDMDOTD
RNS Number : 8875N
dotDigital Group plc
26 January 2023
26 January 2023
Dotdigital Group plc
("Dotdigital" or the "Group")
Trading Update & Notice of Half Year Results
Trading in line following continued healthy demand
Dotdigital Group plc (AIM: DOTD), the leading 'SaaS' provider of
an omnichannel marketing automation and customer engagement
platform, announces a trading update for the six months ended 31
December 2022 ("H1 2023"). The trading performance reported in this
statement is based on unaudited management accounts.
Highlights
-- Revenue tracking in line with market expectations for
the full year, with H1 revenue up by 9% to GBP33.8m (H1
2022: GBP30.9m)
-- Adjusted profit before tax in line with market expectations
for the full year
-- Functionality recurring revenue (licence, data charges
and additional functionality) up by 13% to GBP12.2m (H1
2022: GBP10.8m)
-- Average revenue per customer (ARPC) continued to increase
in line with customer revenue growth
-- Cash balance on 31 December 2022 of GBP49.6m (30 June
2022: GBP43.9m)
Overview
The Board considers H1 2023 to have been a period of encouraging
progress as we began to benefit from the operational building
blocks put in place in the second half of the prior year.
In EMEA, our largest and most established market,
notwithstanding the uncertain macroeconomic backdrop, overall
demand was positive. As Marketeers' look to rationalise their
marketing technology stack, a cost-effective and efficient
onboarding solution is a priority, and Dotdigital's platform, which
offers a demonstrable ROI across their customer journey, is proving
a popular solution. Our pipeline of higher value deals and bookings
grew through Q2 and has positioned us well heading into H2.
Following a series of key hires, the Group's in-region sales
team in North America is now embedded and beginning to convert a
growing pipeline. The US operation is now performing with evidence
of increasing bookings from both new and existing customers.
Notwithstanding currency tailwinds in H1, the Board is confident
North America is back on a positive trajectory and will report
positive underlying growth come the full year.
Albeit from a lower base, APAC again delivered strong sales
growth. The Group continues to invest in its presence in the
region, further expanding localised go-to-market teams and, in
Japan, appointing an experienced country lead that will help build
and execute on our market strategy.
From a product perspective, the Group remains focused on
delivering best in class performance and building out its Customer
Data Experience Platform (CDXP) capability. In H2 we will be
releasing more integrations into our strategic partners (Fresh
Relevance, Yotpo, Trustpilot, Netsuite, Commerce Tools, Cvent) with
more focus and release of predictive analytics functionality and
real time automations for the customer journey.
Revenue through strategic partners continues to trend upwards.
The Group strengthened its go to market teams from Sales to
Customer Success and its Partner Management teams across all three
regions in the period and is well positioned moving into H2.
Outlook
Our platform remains at the forefront of the industry, providing
Marketeers with a complete set of powerful, data-driven, and
easy-to-use tools. While remaining cognisant of the challenging
macroeconomic backdrop, with a growing global reputation, talented
and committed teams, and good visibility over the second half, the
Group looks forward with confidence.
Looking ahead, we remain focused on building and optimising our
three regions, investing in our platform and CDXP capability, and
deepening our relationships with our strategic partners. At the
same time we will actively seek opportunities to supplement organic
growth through acquisitions.
Notice of Half Year Results
The Group expects to announce its results for the six months
ended 31 December 2022 on 7 March 2023.
Milan Patel, CEO of Dotdigital, commented:
"We entered the financial year on a high and with a renewed
sense of optimism having successfully addressed the operational
challenges of the previous financial year and seeing evidence of
increasing commercial momentum across the Group. What followed was
six months of continued progress on all fronts.
We are confident that the business is moving in the right
direction strategically and anticipating ongoing healthy demand for
our platform across our territories.
The market opportunity remains strong, underpinned by a robust
business model and a strong balance sheet which gives us confidence
in investing in both our organic growth strategy as well as
building on strategic M&A opportunities to accelerate our
platform functionality."
For further information please contact:
Dotdigital Group Plc Tel: 020 3953 3072
Milan Patel, CEO investorrelations@dotdigital.com
Alistair Gurney, CFO
Alma PR (Financial PR) Tel: 020 3405 0210
Hilary Buchanan dotdigital@almapr.co.uk
David Ison
Kieran Breheny
Canaccord Genuity (Nominated Advisor and Joint Broker) Tel: 020 7523 8000
Bobbie Hilliam, Corporate Finance
Jonathan Barr, Sales
finnCap (Joint Broker) Tel: 020 7220 0500
Jonny Franklin Adams, Corporate Finance
Alice Lane, ECM
Singer Capital Markets (Joint Broker) Tel: 020 7496 3000
Shaun Dobson, Corporate Finance
Alex Bond, Corporate Finance
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END
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