q1 RESULTS Highlights
Quarter Ending Mar. 31, 2025
The first quarter reflects continued investment in team capacity, systems, and operational readiness. While topline revenue softened due to shifts in the SEO market, other business lines showed strong growth. Notably, non-SEO revenue surpassed SEO revenue for the first time, marking a meaningful shift and expansion in our revenue model and our strategic focus on building a “House of Agency Brands”.
Income Statement Highlights
The Q1 2025 Income Statement shows a 16% year-over-year (YOY) dip in revenue to J$76 million, driven by lower SEO performance. The Net Loss of J$13 million and Operating Profit margin of -11.2% were due to strategic investments in team growth, shared services infrastructure and acquisition integration. Still, with a debt-to-equity ratio of 2.55%, the company remains well-capitalised and financially resilient.
| JMD (millions) | Q1 2025 | Q1 2024 |
|---|---|---|
| Revenue | 76 | 91 |
| Operating Profit (Loss) | (9) | 14 |
| Net Profit (Loss) | (13) | 10 |
J$76M
Revenue
J$13M
Net Loss
(11%)
Operating
Profit Margin
($.008)
EPS
Balance Sheet Highlights
The company reported Total Assets of J$708 million, up from J$667 million at the end of Q1 2025. Total Equity decreased by J$7 million, or 1%, while Total Liabilities increased by J$47 million due largely to the earn-out portion booked for the purchase of DRT and prepaid income received from clients.
| JMD (millions) | Q1 2025 | Q1 2024 |
|---|---|---|
| Cash & Short-Term Investments | 172 | 274 |
| Total Assets | 708 | 667 |
| Total Liabilities | 112 | 64 |
| Total Debt | 15 | 23 |
| Total Equity | 596 | 603 |
J$708M
Total Assets
J$596M
Total Equity
2.5x
Cash Ratio
Credit Quality, Liquidity, & Cashflow
At the end of the period, our cash resources (cash and short-term investments) totalled J$172 million. The reduction in cash and short-term investment is primarily attributable to the acquisition of DRT Communications Ltd as the company deploys capital to execute on its strategic growth initiatives. The company’s balance sheet currently shows only J$15 million in debt, reduced from J$23 million for the same period year-on-year.