CLIQ Digital - More profitable customers in FY23

CLIQ Digital's FY23 trading update showed sales coming in below both management's guidance and our forecasts, although EBITDA was in line. Management noted a slower ramp-up in revenue than was expected despite higher marketing expenditure to drive new customers to the platform. Expansion into new markets and the launch of its low-cost German platform, cliq.de, demonstrate good operational progress made in FY23. Despite the revenue miss, CLIQ delivered good year-on-year growth in revenue and EBITDA, driven by continued development of its bundled content offering and growing marketing expenditure. CLIQ's strong cash generation resulted in an improved net cash position at end-FY23 of €16m. We will update our forecasts following the publication of the annual report, scheduled for 22 February, at which point management will also provide its outlook for FY24.

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