Cliq Digital is a sales and marketing group for digital products and services. It also operates a proprietary payments platform. It is headquartered in Dusseldorf and has an office in Amsterdam. Via its network of affiliate partners and its own direct media buying platform it has customers across the globe. In 2016 82% of sales were generated in Europe, 10% in the Asia Pacific region and 8% in the Americas.
Due to product launch delays at the end of FY17, Cliq Digital (CLIQ) saw H1
revenues and operating profits fall by 12% and 38% y-o-y. However, net
income benefited from a non-recurring credit of €0.8m due to reductions in
estimated contingent consideration. Nevertheless, we are encouraged by
the growing marketing expenditure, which should drive improved
performance in H2. The shares trade at a substantial discount to peers.