4Q22 underlying billings rose by 12% against 4Q20, the last ‘clean' pre-COVID year, marking the third consecutive quarter of double-digit growth. This brought annual underlying billings to £222m, 8.9% ahead of FY20, and 5.5% ahead of FY21. Underlying billings comprises Corporate (£212.1m, +8.7% vs. FY20, +5.4% vs. FY21) and Highstreetvouchers.com, both of which contributed to the growth story. Indeed, Corporate spend from existing clients has now recovered to >90% of pre-COVID levels.
