TIDMBBSN
RNS Number : 5309A
Brave Bison Group PLC
23 January 2024
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended. Upon
the publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
23 January 2024
Brave Bison Group plc
("Brave Bison" or the "Company", together with its subsidiaries
"the Group")
Trading Update
Results ahead of market expectations
Third consecutive year of growth in net revenue, EBITDA
and EBITDA per share
Brave Bison, the digital advertising and technology services
company, is pleased to provide the following trading update for the
year ending 31 December 2023 ("FY23").
The Board expects to report audited FY23 results in April
2024.
Financial Highlights
FY23 (1) FY22A Change
Turnover / Billings (2) GBP35.5m GBP31.7m +12%
Net Revenue / Gross Profit GBP20.8m GBP16.9m +23%
Adj. EBITDA (3) GBP4.3m GBP3.0m +43%
--------- --------- -------
Adj. Profit Before Tax (4) GBP3.6m GBP2.6m +38%
--------- --------- -------
Adj. PBT per Share 0.28p 0.24p +17%
Net Cash GBP6.8m GBP6.2m +10%
--------- --------- -------
-- Net Revenue / Gross Profit of not less than GBP20.8m (FY22:
GBP16.9m), growth of 23% year-on-year and ahead of market
expectations
-- Adj. EBITDA of not less than GBP4.3m (FY22: GBP3.0m), growth
of 43% year-on-year , and Adj. Profit Before Tax of not less than
GBP3.6m (FY22: GBP2.6m), growth of 38% year-on-year, both results
ahead of market expectations
-- Net cash ahead of market expectations at GBP6.8m, an increase
of GBP2.5m from 30 June 2023 (H1 23: GBP4.3m) and an increase of
GBP0.6m year-on-year (FY22: GBP6.2m). Revolving credit facility of
GBP3m remains undrawn, providing further liquidity
-- New clients won in 2023 include Pinterest, Purina, John Lewis
Partnership, Holland & Barrett, ProCook, Monday.com, Patreon,
The Army, Warner Bros., Aer Lingus, Markel Group, Asda, Team GB,
Winparts , Fiskars and Molson Coors
-- Third consecutive year of growth in Net Revenue / Gross
Profit, Adj. EBITDA and Adj. EBITDA per Share. Net Revenue / Gross
Profit has quintupled since 2020 and Adj. EBITDA per Share has
doubled since 2021
FY20 FY21 FY22 FY23 (1)
--------------------- -------- -------- --------- ---------
Net Revenue / Gross GBP4.0m GBP7.8m GBP16.9m GBP20.8m
Profit
YoY Growth n/a +95% +117% +23%
--------------------- -------- -------- --------- ---------
Adj. EBITDA (3) GBP0.1m GBP1.8m GBP3.0m GBP4.3m
YoY Growth n/a +1,700% +67% +43%
--------------------- -------- -------- --------- ---------
Adj. EBITDA per
Share 0.02p 0.17p 0.28p 0.33p
YoY Growth n/a +921% +67% +20%
--------------------- -------- -------- --------- ---------
Net Cash GBP2.7m GBP4.7m GBP6.2m GBP6.8m
YoY Growth n/a +74% +32% +10%
--------------------- -------- -------- --------- ---------
(1) Unaudited, not less than results.
(2) Turnover / Billings includes pass-through costs such as
media spend and revenue share from platforms and partner
channels.
(3) Adj. EBITDA is defined as earnings before interest,
taxation, depreciation and amortisation, and after adding back
acquisition costs, restructuring costs and share-based payments.
Under IFRS16 most of the costs associated with property leases are
classified as depreciation and interest, therefore Adj. EBITDA is
stated before deducting these costs.
(4) Adj. Profit Before Tax is stated after adding back
acquisition costs, restructuring costs, impairments, amortisation
of acquired intangibles and share-based payments, and is after the
deduction of costs associated with property leases.
Oliver Green, Chairman, commented:
"We are pleased to report another year of good progress at Brave
Bison. We have grown profits, EBITDA per share and net cash for the
third consecutive year. Our mission to become a market-leading
digital advertising and technology services company has advanced
notably with the acquisition of SocialChain and we are optimistic
for further growth in 2024."
For further information please contact:
Brave Bison Group plc
Oliver Green, Chairman via Cavendish
Theo Green, Chief Growth Officer
Philippa Norridge, Chief Financial Officer
Cavendish Capital Markets Limited Tel: +44 (0) 20 7220 0500
Nominated Adviser & Broker
Ben Jeynes
Dan Hodkinson
About Brave Bison
Brave Bison (AIM: BBSN) is a digital advertising and technology
services company, headquartered in London with a globally
distributed workforce in over ten countries. The Company provides
services to global brand advertisers through four business
units.
Brave Bison Performance is a paid and organic media practice. It
plans and buys digital media on platforms like Google, Meta,
TikTok, Amazon and YouTube, as well as providing search engine
optimisation and digital PR services. Customers include New
Balance, Curry's and Asus.
SocialChain is a social media advertising practice. It creates
content for social media platforms, and works with influencers to
create and distribute content. This creative approach ensures that
content is more native to the platform it is on, leading to higher
engagements from its audience. Customers include Holland &
Barrett, The Army and General Mills.
Brave Bison Commerce is a digital commerce practice. It creates,
improves and maintains transactional websites and manages the
customer experience in a digital environment. This practice builds
ecommerce systems in a composable way - whereby different functions
of a website are provided by different software from different
vendors. Customers include Furniture Village, Fiskars and
Winparts.
Brave Bison Media Network is a portfolio of channels across
YouTube, Facebook, Snapchat, TikTok and Instagram. These channels
generate over 1 billion monthly views, and the advertising
inventory from each channel is sold through online advertising
exchanges. Popular channels include The Hook, PGA Tour, US Open and
Link Up TV.
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END
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