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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)) £35.5m £31.7m +12%
Net Revenue / Gross Profit £20.8m £16.9m +23%
Adj. EBITDA ((3)) £4.3m £3.0m +43%
Adj. Profit Before Tax ((4)) £3.6m £2.6m +38%
Adj. PBT per Share 0.28p 0.24p +17%
Net Cash £6.8m £6.2m +10%
· Net Revenue / Gross Profit of not less than £20.8m (FY22:
£16.9m), growth of 23% year-on-year and ahead of market expectations
· Adj. EBITDA of not less than £4.3m (FY22: £3.0m), growth of 43%
year-on-year, and Adj. Profit Before Tax of not less than £3.6m (FY22:
£2.6m), growth of 38% year-on-year, both results ahead of market expectations
· Net cash ahead of market expectations at £6.8m, an increase of
£2.5m from 30 June 2023 (H1 23: £4.3m) and an increase of £0.6m
year-on-year (FY22: £6.2m). Revolving credit facility of £3m 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 Profit £4.0m £7.8m £16.9m £20.8m
YoY Growth n/a +95% +117% +23%
Adj. EBITDA ((3)) £0.1m £1.8m £3.0m £4.3m
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 £2.7m £4.7m £6.2m £6.8m
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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