CLIQ Digital - Focus remains on profitability and cash

CLIQ's Q3 results show the continuing revenue impact of the shift in credit card providers' policies on transaction cancellations. Revenues in the quarter were down 35% y-o-y and 21% q-o-q. Given the external factors, management is firmly focused on driving profitability and free cash flow under its 'Fit for Future' initiative, which has enabled a small uplift in adjusted EBITDA over the previous quarter. Management's guidance for full year revenues is unchanged at €260-280m, increasing to €325m for FY25, which would require momentum to build behind new strategic initiatives. CLIQ's cash positive balance sheet remains sufficiently strong to support this. Our forecasts are broadly unchanged.

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