CLIQ Digital - Sales decline decelerating in Q224

CLIQ Digital's H124 results were as expected following the July trading update, at which point the company lowered its guidance. The change in the refund policies of credit card providers resulted in revenue falling 12% to €141m, due to higher churn in the customer base. To focus on profitability, CLIQ lowered the cost per acquisition in line with the group's lower lifetime value of a new customer, resulting in fewer new customer acquisitions. CLIQ is progressing with its Fit for Future transformation programme, seeking productivity gains and cost efficiencies. Management has discontinued the promotion of cliq.de, its first own-brand platform in Germany, aiming to relaunch an own-brand platform in a more favourable geography. We have left our forecasts broadly unchanged following the recent trading update, with a tweaked cash position to reflect the share buyback programme and higher EBITDA to reflect ongoing cost savings.

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