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General Update on New Business and Covid-19 – Ayima Group AB

Whilst the majority of the new engagements are small in value individually, it does indicate that business confidence is lifting after the recent Covid-19 shutdowns, and that cost efficient marketing channels such as SEO are continuing to be in great demand. Furthermore, the new business pipeline is filling up rapidly and new potential opportunities are arriving daily.

In general, Ayima’s operations remain relatively unaffected by the crisis. All of our global offices are closed and all staff are working remotely with little disruption. Service delivery has been unaffected by the new working conditions and client feedback continues to be extremely positive.

In terms of overall business performance – as reported previously, top line revenues have been affected by client budget cuts in Q1 and Q2, however we are seeing this slowly return to normal in Q3.

In response to the covid-19 crisis, Ayima has implemented sweeping cost-cutting measures, including furloughing of a significant number of staff and termination of office and other support services deemed to be non-essential. Additionally, the Senior Management team has accepted a 30% salary reduction for the duration of the crisis and until a return to profitability. These measures have resulted in a overall cost reduction of approximately 25% for the long term. This, plus the recent new business wins, should see Q3 return to profitability and the prospects for the long term seem very positive.