The Sheffield-based agency, however, said it has taken actions to protect both cash and profitability, including voluntary salary reductions, cost reductions, rent deferrals and deferral of certain HMRC payments.
It has also continued to win new business and the April to June quarter has been profitable at EBITDA level. The firm's net debt had reduced to £3.9m, excluding £1.7m of deferred liabilities for VAT, PAYE and rent, as at July 31, 2020,
Jaywing expects to report net revenue for the year ended March 31 2020 of approximately £24m, down from £29.8m the previous year.
While there remains considerable uncertainty in markets generally, Jaywing believes that it is well positioned to benefit as economic activity recovers.
The firm also welcomed Caroline Ackroyd as its new chief financial officer. She will start the role on September 7, 2020.
Ms Ackroyd is currently chief financial officer of Push Doctor, a provider of online GP services, and previously held senior finance roles in Sky Betting & Gaming and Coral Interactive.
Andrew Fryatt, CEO of Jaywing, said: "We have been able to provide continuous service to our clients since March, and I am pleased that we have to date mitigated the impact of this pandemic on the business. I am grateful to our employees for adapting so rapidly to remote working.
"I am also delighted that we have been able to recruit someone of the calibre of Caroline into the CFO role and look forward to working with her to fulfil the potential of Jaywing."
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