REG - Brandshield Systems - Half year results for 6 months ended 30 June 2023
19/09/2023 17:15
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RNS Number : 9709M Brandshield Systems PLC 19 September 2023
19 September 2023
BrandShield Systems plc
("BrandShield," the "Company," or the "Group")
Half year results for the six months ended 30 June 2023
Annualised Recurring Revenue, up 45% in H1 2023, continues to underpin
operational progress
BrandShield Systems plc (AIM: BRSD), a leading provider of cybersecurity
solutions for brand oriented digital risk protection ("DRP"), announces its
results for the six months ended 30 June 2023 ('H1 2023').
Financial highlights
· H1 2023 Annualised Recurring Revenue(1) ("ARR") up 46% to $9.71m
(H1 2022: $6.67m)
· Positive momentum continued with the August 2023 ARR figure reaching
$9.85m, up 36% vs. $7.26m in August 2022.
· Delivered revenue growth of 56.3% to $4.42m in H1 2023 (H1 2022:
$2.83m)
· Loss for the period decreased by 53% to $2.05m in H1 2023 (H1 2022:
$4.37m)
· As part of operational improvements Gross profit increased from 48%
in H1 2022 and 54% in December 2022 to 68% in H1 2023
· Cash of $1.35m at period end (31 Dec 2022: $2.60m)
(1)Annualised Recurring Revenue is a non-GAAP measure and an industry specific
measure
Operational highlights
· Strong new business momentum achieved in the first half of 2023, with
the Company securing 45 new customer wins in the period to take its total
number of customers to 209. This growth continued post-period end, and as at
end of August 2023, BrandShield services 214 customers
· Ongoing sales and marketing initiatives continues to support the
growth in the Company's customer footprint, expanding the Group's presence
across in key growth sectors such as pharmaceutical, retail, ecommerce and
finance
· BrandShield consolidated its position as one of the leading Digital
Risk Protection ("DRP") Provider
o BrandShield named the third best DRP service provider globally in a 2022
review by Frost & Sullivan ("F&S") the global business consultancy
group.
o BrandShield recognised with the 2023 Global Digital Risk Protection New
Product Innovation and Best Practices Award by F&S
Post period-end and Outlook
· The Company has made a solid start to H2 2023 and looks forward to
reporting another period of both operational and financial progress
· Recent focus on reducing cash burn is having a marked impact on gross
margins as the Company continues to grow towards becoming cash flow positive
Yoav Keren, Chief Executive Officer of BrandShield, commented:
"I am pleased to report another solid six months of trading from BrandShield,
in which we continue to deliver record levels of ARR, up 46% to $9.7 million
p.a., underpinning our confidence in the business.
Our ongoing sales and marketing efforts, alongside the growing reputation that
BrandShield continues to build across the industry for innovation and product
excellence, as highlighted by Frost & Sullivan earlier in the year,
continues to drive customer growth.
We have made a solid start to H2 2023 and look forward to reporting another
period of both operational and financial progress."
Enquiries:
BrandShield Systems plc +44 (0)20 3143 8300
Yoav Keren, CEO
Spark Advisory Partners Limited (Nominated Adviser) +44 (0)20 3368 3554
Neil Baldwin / Andrew Emmott / James Keeshan
Shore Capital (Broker) +44 (0)20 7408 4090
Toby Gibbs / James Thomas / Rachel Goldstein (Corporate Advisory)
Henry Willcocks (Corporate Broking)
Vigo Consulting (Financial Public Relations) +44 (0)20 7390 0237
Jeremy Garcia / Kendall Hill / Peter Jacob
brandshield@vigoconsulting.com
About BrandShield
Brandshield is a provider of cybersecurity solutions from brand protection to
online threat hunting. BrandShield detects online threats and takes them down.
The Company's client base is a growing list of organisations including Fortune
500 and FTSE100 companies. By utilising AI and big-data analysis, BrandShield
monitors, detects, and removes online threats facing companies. These threats
include social phishing, executive impersonation, fraud, brand abuse, and
counterfeits.
Chief Executive Officer's Review
Introduction
Given that the Company continues to grow quickly, the focus for the first half
of 2023 remained on continuing the rapid expansion of BrandShield's offering
worldwide. The Company's Annualised Recurring Revenue ("ARR") grew to
$9.71m, representing a 15% increase relative to December 2022, and 46% higher
than the same period in the prior year. ARR is the key performance indicator
("KPI") for the Group, however there has been a concurrent effort to reduce
cash burn which has increased gross profits markedly and continues to propel
the BrandShield towards becoming cash flow positive. Consequently, Gross
profit increased from 48% in H1 2022 and 54% in December 2022 to 68% in H1
2023, and Loss for the period decreased by 53% to $2.05m in H1 2023 (H1 2022:
$4.37m).
As in previous periods, the Company's growth was underpinned by the conversion
of clients across a broad range of sectors and the ongoing investment in and
expansion of the Company's marketing and sales functions. It is anticipated
this will continue to impact strong growth in client capture in H2 of 2023
which traditionally shows the highest increases in new business.
Revenues for the six months ended 30 June 2023 increased 56.3% to $4.42m (H1
2022: $2.83m). As at 30 June 2023, the Group had cash of $1.35 million (31 Dec
2022: $2.60m).
As at 30 June 2023, the loss includes Share Based Payments of $0.81m; the
Company recognised the expense in the income statement according to the fair
value of the share options and warrants determined using the Black-Scholes
valuation model.
BrandShield's unique proposition
BrandShield's technology is well-placed to lead the ongoing transition to a
more digitised economy as enterprises continue to recognise the importance of
increasing their online protection by securing comprehensive DRP solutions
from external providers to complement internal cybersecurity operations. Frost
and Sullivan ("F&S") recognised the strong performance and dynamic
capabilities of BrandShield's solutions in its 2022 Digital Risk Protection
Services Report in which it awarded the Company 3(rd) place globally. F&S
highlighted BrandShield's innovation, growth and its ease of use for clients,
whilst commending the Company for its extensive brand protection capabilities
and effectiveness in detecting and eliminating a wide range of cyberthreats
from phishing to brand impersonation.
F&S expects the DRP market to reach $917.7m in 2026, expanding at a
compound growth rate of 39.7%, and BrandShield is uniquely placed to exploit
this significant market size expansion through leveraging the following key
strengths:
· A mature product, creating higher barriers to entry
· Ongoing investment in R&D to ensure market leadership is
maintained
· AI/ML powered technology
· Strong threat network detection capabilities
· Unique image recognition and Optical Character Recognition ("OCR") -
focusing on detection of emerging threats on social media and ecommerce
marketplaces
· Big data investigation tools with multi-brand and platform
capabilities
· Strong takedown capabilities across all digital threats
· Multi-layered approach to detection and successful takedown of online
threats
· BrandShield 3.0 user interface which F&S described as enabling
legal, marketing and cyber-security teams to collaborate more efficiently and
mitigate threats on all fronts
Strategy
The Company remains in a strong growth phase in which the focus continues to
be on client conversion and driving ARR but set within the context of driving
gross margins through a reduction in cash burn. The growth to 209 clients at
the end of H1 2023 is strong evidence of the Company's ability to convert new
clients whilst retaining, and also delivering upsells to, existing clients who
have remained with BrandShield for several years. Retention of existing
clients is an ever-increasing focus of the team and an area of strategic
importance for the Company given the well-publicised global financial
headwinds and macroeconomic pressures facing corporates.
Product innovation is a key pillar of the Company's overarching growth
strategy, as evidenced by the launch of 'BrandShield 3.0' in 2022 which has
helped elevate BrandShield's DRP offering, increase its operational efficiency
and improve gross margins. The Company invests considerably in R&D,
boasting a highly experienced team dedicated to developing cutting-edge
products and innovative add-on features, as well as creating ongoing
automations to improve efficiencies. This has not only helped the Company
generate significant cross-sell and upsell opportunities but continues to
underpin new customer engagement. Concurrently, BrandShield continues to
monitor the evolution of AI technology, ensuring it responds rapidly to
industry trends, so its solutions remain at the forefront of market
innovation.
Although BrandShield is primarily focused on its core US and European client
base, it is becoming increasingly recognised as a leading global player in DRP
across Asia. The business is set up to scale on a global basis and is able to
service brands across all geographies without the requirement to incur
additional operating expenses in those regions.
Outlook
The Company has executed on its plan to reinforce sales and marketing teams
across the globe and at the same time re-structured a number of operational
functions to increase gross margin. These initiatives have laid the foundation
for continued expansion into a rapidly growing market and the transition to
becoming cash flow generative. The opportunity to seize market share in a
fast-growing sector remains the overriding focus and the Board looks forward
to reporting on full year trading after what it believes will be a strong H2
2023 performance.
Yoav Keren
Chief Executive Officer
20 September 2023
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION ON BRANDSHIELD
SYSTEMS PLC FOR THE 6 MONTH PERIOD ENDED 30 JUNE 2023
CONSOLIDATED INCOME STATEMENT
For the periods ended 30 June
Unaudited Period ended 30 June 2023 Unaudited Period ended 30 June 2022
Note $ $
Revenue 2 4,420,266 2,828,073
Cost of sales (1,400,761) (1,469,009)
Gross profit 3,019,505 1,359,064
Research and Development expenses 3
(1,512,988) (1,648,081)
Sales and Marketing expenses 3 (2,506,113) (1,810,787)
Operating expenses 3 (1,497,047) (2,044,349)
(5,516,148) (5,503,217)
Loss from operations (2,496,643) (4,144,153)
Net finance income (expense) 351,634 30,376
Loss before tax (2,848,277) (4,113,777)
Tax expense - -
Loss for the period (2,848,277) (4,113,777)
Basic and diluted loss per share (cent) 4
(0.017) (0.032)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the periods ended 30 June
Unaudited Period ended 30 June 2023 Unaudited Period ended 30 June 2022
$ $
Loss for the period (2,848,288) (4,113,777)
Other comprehensive income:
Items that will or may be reclassified to profit or loss:
Other comprehensive(loss) / income
799,615 (222,714)
Total comprehensive loss (2,048,673) (4,336,491)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June
Unaudited Period ended 30 June 2023 Audited Year ended December 31, 2022
Note $ $
Non-current assets
Property, plant and equipment 176,843 180,777
Right of use asset-office lease 904,515 1,080,599
Financial assets at fair value through profit or loss 12
3,840,920 3,663,072
4,922,278 4,924,448
Current assets
Trade and other receivables 5 2,170,011 2,791,518
Financial assets at fair value through profit or loss
19,180 18,220
Other financial assets 15,148 14,447
Cash and cash equivalents 6 1,352,922 2,605,605
Restricted cash 425,471 372,707
Assets classified as held for sale 266,356 254,023
4,249,088 6,056,520
Total assets 9,171,366 10,980,968
Current liabilities
Short term loan and bank overdraft 7 2,166,560 2,278,645
Trade and other payables 8 5,721,156 5,969,822
Lease liability- current 314,758 321,727
8,202,474 8,570,194
Non-current liabilities
Lease liability - non-current 596,250 795,557
Other payables 28,560 30,079
624,850 825,636
Total liabilities 8,827,324 9,395,830
Net assets 344,042 1,585,138
Equity attributable to owners of the parent
Share capital 11 9,929,842 9,929,842
Share premium 11 32,060,989 32,060,989
Reverse acquisition reserve (20,653,597) (20,653,597)
Other reserves 6,292,217 4,685,025
Retained earnings (27,285,409) (24,437,121)
Total equity 344,042 1,585,138
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited
Share capital Reverse acquisition reserve Retained earnings Total
Share premium Other reserves
$ $ $ $ $
Balance as at 1 January 2022 9,299,228 (18,393,526) 2,279,168
27,686,289 (20,653,597) 4,340,744
Prior year adjustment - - - (1,125,999) 1,125,999 -
Loss for the period ended 30 June 2022 - (4,113,777) (4,113,777)
- - -
Share based payments - - - 1,202,546 - 1,202,546
Issue of share capital 300,803 2,976,840 - - - 3,277,642
Exchange differences on translation - - (222,714)
- - (222,714)
Balance as at 30 June 2022 9,600,031 30,663,129 (20,653,597) 4,194,607 (21,381,304) 2,422,866
Share capital Reverse acquisition reserve Retained earnings Total
Share premium Other reserves
$ $ $ $ $ $
Balance as at 1 January 2023 9,929,842 32,060,989 (20,653,597) 4,685,025 (24,437,121) 1,585,138
Loss for the period ended 30 June 2023 - (2,848,288) (2,848,288)
-
Issue of share capital - - -
Share based payments - - 807,577 - 807,577
Exchange differences on translation - - 799,615
- 799,615
Balance as at 30 June 2023 9,929,842 32,060,989 (20,653,597) 6,292,217 (27,285,409) 344,042
UNAUDITED CONSOLIDATED CASH FLOW STATEMENTS
For the periods ended 30 June
Unaudited Period ended 30 June 2023 Unaudited Period ended 30 June 2022
$ $
Cash flows from operating activities
Loss for the year (2,848,288) (4,113,777)
Adjustments for:
Depreciation 13,513 15,615
Depreciation of the right of use 176,084 -
Share based payment expense 807,577 1,202,546
Foreign exchange on operations 503,711 245,090
Decrease (Increase) in trade and other receivables
620,806 (751,202)
Increase in other financial assets - (120,128)
Increase in restricted cash (52,764) (178,631)
Increase (Decrease) in trade and other payables
(248,665) 1,229,390
Net cash flows from operating activities (1,028,026) (2,471,097)
Investing activities
Purchase of property, plant and equipment (18,382) (199,607)
Net cash used in investing activities (18,382) (199,607)
Financing activities
Proceeds from loans and borrowings - 377,136
Repayment of right of use lease obligation (206,275) -
Proceeds from issue of ordinary shares - 3,277,642
Net cash (used in)/generated from financing activities (206,275) 3,654,778
Net (decrease) / increase in cash and cash equivalents
(1,252,683) 984,074
Cash and cash equivalents at beginning of period 2,605,605 1,194,275
Foreign exchange differences on cash - -
Cash and cash equivalents at end of period
1,352,922 2,178,349
Non-cash transactions
The Company operates an equity-settled, share-based scheme under which the
Company receives services from employees as consideration for equity
instruments (options) of the Company. The value of the employee services
received is expensed in the Income Statement and its value is determined by
reference to the fair value of the options granted, calculated using the
Black-Scholes model.
NOTES TO THE FINANCIAL INFORMATION
1. General information and basis of preparation
The principal activity of BrandShield Systems plc (the 'Company') is the
development of a digital risk protection solution to prevent, detect and
remove online threats, through its research and development centre in Israel.
Basis of preparation
The condensed consolidated interim financial statements ("Interim Financial
Statements") of the Group have been prepared in accordance with the AIM Rules
for Companies and UK adopted international accounting standards and the
Companies Act 2006. They have been prepared under the assumption that the
Group operates on a going concern basis. As permitted, the Group has chosen
not to fully adopt IAS 34 in preparing the Interim Financial Statements. The
Interim Financial Statements have been prepared under the historical cost
convention, as modified by the revaluation of financial assets at fair value
through profit or loss.
The Interim Financial Information has been prepared under the same basis of
preparation and accounting policies as adopted in the audited annual financial
statements for the period to 31 December 2022, which were authorised by the
Board on 2 July 2023. The Interim Financial Statements should be read in
conjunction with these annual financial statements.
The interim financial information is presented in US Dollars.
Going concern
The financial statements have been prepared on the assumption that the group
will continue as going concern. Under the going concern assumption, an entity
is ordinarily viewed as continuing in business for the foreseeable future with
neither the intention nor the necessity of liquidation, ceasing trading or
seeking protection from creditors pursuant to laws or regulations.
The wording included in the going concern policy and relevant disclosures
within the Annual Report for the year ended 31 December 2022 is still
applicable to the group as at 30 June 2023.
Critical accounting estimates
The preparation of Interim Financial Statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Company's
accounting policies. The key assumptions used in preparation of the Interim
Financial Information are in conformity with the assumptions used in the
annual financial statements unless otherwise stated.
Accounting policies
The same accounting policies, presentation and methods of computation have
been followed in the Interim Financial Statements as were applied in the
Company's audited annual financial statements.
The company started implementing IFRS 16 for a new leasing agreement (starting
FY2022 reports).
There are no new standards issued but not yet effective that have been early
adopted or are expected to have a material impact on the Company.
2. Revenue
Revenue is generated from the sale of Digital Risk Protection solutions. In
the period ended 30 June 2023, 93% of sales were made overseas (The period
ended 30 June 2022: 96%). The majority of overseas sales are made in the USA.
3. Research and Development expenses
Unaudited Period ended 30 June 2023 Unaudited Period ended 30 June 2022
$ $
Salaries (854,478) (817,191)
Share based payment (322,210) (488,592)
Other expenses (336,300) (342,298)
(1,512,988) (1,648,081)
Sales and marketing expenses
Unaudited Period ended 30 June 2023 Unaudited Period ended 30 June 2022
$ $
Salaries (1,348,390) (658,121)
Advertising and Marketing (1,008,436) (950,831)
Share based payment (149,287) (201,835)
(2,506,113) (1,810,787)
Operation expenses
Unaudited Period ended 30 June 2023 Unaudited Period ended 30 June 2022
$ $
Salaries (513,128) (523,567)
Share based payment (320,170) (493,692)
Rent and utilities - (258,891)
Depreciation of the right of use (176,084) -
Other expenses (487,665) (768,199)
(1,497,047) (2,044,349)
4. Loss per share
Basic loss per share is calculated by dividing the profit attributable to
equity holders of the Company by the weighted average number of ordinary
shares in issue during the year.
Unaudited Period ended 30 June 2023 Unaudited Period ended 30 June 2022
$ $
Loss attributable to equity holders of the Company 2,848,288 4,113,777
Weighted average number of shares 170,331,874 129,171,159
Loss per share (cents) (0.017) (0.032)
Since the Company is loss making, the share options, warrants and convertible
loans currently in issue are non-dilutive.
5. Trade and other receivables
Unaudited Audited Year ended 31 December 2022
Period ended 30 June 2023
$ $
Trade receivables 2,092,412 2,607,551
Other receivables and prepaid expenses 77,599 183,967
2,170,011 2,791,518
6. Cash and cash equivalents
Unaudited Period ended 30 June 2023 Audited Year ended 31 December 2022
$ $
Cash and cash equivalents 1,325,922 2,605,605
1,325,922 2,605,605
7. Short term loan and bank overdraft
BrandShield Ltd has an agreement with Leumi Bank to provide a revolving credit
line facility of up to 8 million NIS (c. $2.2 million) for 24 months, ending
on 26 September 2023, the renewal of which is in the process of being
negotiated by the Company. The credit line bears a competitive interest rate.
The facility allows drawdown of up to four times Monthly Revenue (net of
churn) and includes covenants of a type typical of such an agreement.
8. Trade and other payables
Unaudited Period ended 30 June 2023 Audited Year ended 31 December 2022
$ $
Trade payables 837,713 671,657
Salaries, accruals and taxes 907,697 1,068,291
Royalties Payable 394,030 426,706
Deferred revenue 3,581,716 3,581,903
5,721,156 5,969,822
9. Related party transactions
BrandShield Limited is connected to its predecessor Domain the Net
Technologies Limited (the "Related Party"), a company registered in Israel.
BrandShield Limited demerged from the Related Party in 2013 and has directors
in common. Furthermore, the two parties share several operational costs,
including sharing rental costs. There is a formal agreement between the
Company and its related party (signed 17 May 2020).
BrandShield Limited is connected to its parent company BrandShield Systems
plc. There is a formal service agreement between the two companies (signed 25
July 2021).
BrandShield Limited is connected to its subsidiary BrandShield Inc.
10. Share based payments
The Company operates an equity-settled, share-based scheme under which the
Company receives services from employees as consideration for equity
instruments (options and warrants) of the Company. The fair value of the
third-party suppliers' services received in exchange for the grant of the
options is recognised as an expense in the Income Statement or charged to
equity depending on the nature of the service provided. The value of the
employee services received is expensed in the Income Statement and its value
is determined by reference to the fair value of the options granted:
· including any market performance conditions.
· excluding the impact of any service and non-market
performance vesting conditions (for example, profitability or sales growth
targets, or remaining an employee of the entity over a specified time period);
and
· including the impact of any non-vesting conditions (for
example, the requirement for employees to save).
The fair value of the share options and warrants are determined using the
Black-Scholes valuation model at the date of grant.
Non-market vesting conditions are included in assumptions about the number of
options that are expected to vest. The total expense or charge is recognised
over the vesting period, which is the period over which all of the specified
vesting conditions are to be satisfied. At the end of each reporting period,
the entity revises its estimates of the number of options that are expected to
vest based on the non-market vesting conditions. It recognises the impact of
the revision to original estimates, if any, in the Income Statement or equity
as appropriate, with a corresponding adjustment to a separate reserve in
equity.
When the options are exercised, the Company issues new shares. The proceeds
received, net of any directly attributable transaction costs, are credited to
share capital (nominal value) and share premium when the options are
exercised.
11. Share capital and share premium
Ordinary shares are classified as equity. Incremental costs directly
attributable to the issue of new ordinary shares or options are shown in
equity as a deduction, net of tax, from the proceeds.
Number of Ordinary shares Number of Deferred shares Share Total
capital
Share premium
$ $ $
As at 1 January 2022 117,950,921 32,385,056 9,299,228 27,686,289 36,985,517
Issue of shares 23,214,286 - 300,803 2,976,839 3,277,642
As at 30 June 2022 141,165,207 32,385,056 9,600,031 30,663,128 40,263,159
As at 1 January 2023 170,331,874 32,385,056 9,929,842 32,060,989 41,990,831
Issue of shares - - - - -
As at 30 June 2023 170,331,874 32,385,056 9,929,842 32,060,989 41,990,831
12. Financial assets at fair value through profit and loss
The Company reviews the fair value of its unquoted equity instruments at each
Statement of Financial Position date. This requires management to make an
estimate of the value of the unquoted securities in the absence of an active
market.
The Company follows the guidance of IFRS 9 to determine when an investment at
fair value through profit or loss is impaired. This determination requires
significant judgement. In making this judgement, the Company evaluates, among
other factors, the duration and extent to which the fair value of an
investment is less than its cost; and the financial health of the short-term
business outlook for the investee, including factors such as industry and
sector performance and operational and financing cash flow. Management also
considers external indicators such as technological advances and trends,
commodity prices, investment performance and demand for the underlying
commodity. Financial assets held at fair value through profit or loss are
assessed individually.
Unaudited Period ended 30 June 2023 Audited Year ended 31 December 2022
$ $
Opening balance 3,663,072 4,112,107
Foreign exchange 177,848 (449,035)
Closing balance 3,840,920 3,663,072
Financial assets include the following:
Unlisted securities Unaudited Period ended 30 June 2023 Audited Year ended 31 December 2022
$ $
UK 3,840,920 3,663,072
3,840,920 3,663,072
At 30 June 2023, the Directors' view of fair value of the Company's investment
in WeShop Ltd is $3,840,920 ($3,663,072 at 31 December 2022). This remains in
line with the aggregate cost of investment. While WeShop remains pre-revenue,
the Directors continue to believe that social commerce represents an exciting
and authentic digital shopping opportunity, particularly post Covid-19 which
has driven more traffic online and away from the high street. While the
Directors are hopeful of a deliverable transaction at an attractive valuation,
they consider it prudent to continue to fair value the asset at cost.
13. Subsequent events
No subsequent events were identified between the reporting period and issue of
the interim financial information.
14.Availability of Interim Report
The interim report is available on www.brandshield.com
(http://www.brandshield.com)
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