Dotdigital Group plc has revealed a rise in annual turnover and appointed a chairman.
Revenues for the 2022 financial year were up around 8% to £62.8 million as the marketing automation company, which is listed and headquartered in London, builds out its team in North America.
Dotdigital, which provides tools for email newsletters, said email messaging volumes were up 22% in the year to 29.4 billion from 24.1bn.
The company featured on our sister publication BusinessCloud’s recent MarTech 50 innovation ranking.
Its recurring revenue as a percentage of total revenue was 94%, up slightly from 2021, while revenues brought in through strategic partners increased 14% to £28.9m.
Adjusted EBITDA and operating profit are both expected to be ahead of market expectations, with a cash balance of £43.9m.
“The group has delivered a strong trading period, with growth at the top end of expectations and profitability ahead of expectations,” said Milan Patel, CEO.
“The market opportunity remains buoyant, underpinned by the structural move to digital marketing.
“We remain cognisant of broader macroeconomic uncertainty but enter the new financial year in a position of strength across our markets.
“Supported by high levels of recurring revenue and strong profitability, we remain focused on executing against each pillar of our growth strategy: product innovation, geographic expansion and strategic partnerships.”
John Conoley, who has a wealth of experience in growing international companies, has joined as non-executive chair. Previous chair Mike O’Leary stepped down in March for health reasons.
In February the company’s chief financial officer Paraag Amin left to pursue “new opportunities”. The company is continuing its search for a replacement.