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Update on Ayima Group Response to Covid-19

Overall, the negative effects of the crisis have been milder than expected. Very few clients have cancelled their long-term contracts, however several have sought to pause or reduce budgets with Paid Media services the most affected. In Q1, we experienced a reduction in revenue of around 10% from our previous expectations and we expect that Q2 will be at a similar level.

Initially the biggest impact was on the sales process, with almost all new business in the pipeline paused or cancelled. However this now seems to be improving dramatically and we have recently announced new wins totalling over 10.8MSEK and more wins are expected in the near future.

In response to the revenue reductions, we have implemented comprehensive cost cutting measures, resulting in a permanent reduction in operating expenditures of more than 25%. Most of these savings have been achieved through salary reductions and furloughing of idle staff under the UK government job protection scheme, however we have also successfully negotiated discounts with suppliers and building owners and removed a lot of non-essential expenditures.

In terms of operations, service delivery has been unaffected, despite all the local offices being closed under government order. The entire staff is working from home effectively and morale is high. In particular, client feedback about how the team has responded to the new working conditions has been extremely positive.Overall, the company is in very good shape considering the current global situation. We have acted quickly and decisively to the events taking place and we remain ready and able to respond to changes as they arise.  


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