CLIQ Digital - Steady progress and share buyback announced

CLIQ Digital showed robust revenue and profit growth in FY23 despite a more challenging backdrop. Revenue was below management guidance and Edison estimates, but profits were in line. Margins dipped only slightly despite higher advertising bidding prices, ie customer acquisition costs. Management announced a share buyback programme of up to €13m in place of a dividend to generate returns for shareholders for tax efficiency reasons. We have adjusted out FY24 forecasts to reflect management's updated guidance and introduce our FY25 forecasts.

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