Key highlights of Xamble Group's preliminary final report

Xamble Group Limited (ASX: $XGL) has reported a 13% decline in revenue for the full year-ended 31 December 2023, amounting to S$9.62 million, compared to S$11.06 million in CY2022. The loss before tax for the Group in CY2023 was S$1.64 million, with forex losses of S$0.28 million and technology expenses of S$0.61 million contributing to the result. The Group also delivered an EBITDA deficit of S$0.91 million in CY2023, excluding extraordinary items.

Executive commentary on CY2023 performance and outlook

The difficult first half year for advertisers in CY2023 was offset by a strong improvement in the second half, with more investment in technology being rolled out and new sales and operations processes being implemented. The decline in revenue was largely due to the slowdown in overall consumer packaged goods spending, affecting the Group's core influencer marketing business, and the strengthening of the SGD against local reporting currencies. The loss before tax was partly driven by forex losses due to unfavourable exchange rate movements during the period.

Summary of Xamble Group's CY2023 performance and outlook

Xamble Group's preliminary final report for CY2023 reflects a challenging year with a 13% decline in revenue, attributed to the slowdown in consumer packaged goods spending and forex losses. The Group reported a loss before tax of S$1.64 million, driven by forex losses and technology expenses. However, the second half of CY2023 saw significant improvement with increased investment in technology and the implementation of new sales and operations processes. The financial statements are currently in the process of being audited, and the Group remains focused on addressing the challenges and leveraging opportunities for growth in the upcoming period.