REG - Silver Bullet Data - Contract Wins and Working Capital Facility

Silver Bullet Data ServicesAnnouncement

15/07/2024 07:00

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RNS Number : 2860W  Silver Bullet Data Services Grp PLC  15 July 2024

15 July 2024

 

Silver Bullet Data Services Group plc

("Silverbullet" or the "Company", or, together with its subsidiaries, the
"Group")

Contract Wins and Working Capital Facility

 

Silverbullet (AIM: SBDS), a leading provider of AI-driven digital
transformation services and products, is pleased to announce significant new
contract wins and a new working capital facility.

 

New Business Wins:

 

Silverbullet has successfully secured 20 new contract wins in the first half
of the year, reflecting the Company's strong market position and the growing
demand for its innovative products and services. These new contract wins
include multinational brands from industry-leading companies across various
sectors and represent committed new business revenues of approximately £1.2
million to date.

 

Notably, one of the new contracts is with a global confectionery company that
has entrusted Silverbullet with a worldwide mandate for its data strategy.

 

These new contract wins contribute to committed revenues in FY 2024
representing nearly 70 per cent. of the full-year revenue target,
demonstrating the Company's strong progress and ability to attract and retain
high-profile clients.

 

Working Capital Facility:

 

As mentioned in the full year results, Silverbullet is also pleased to report
that it has secured a working capital facility to enable the Company to
continue to meet its strategic objectives. Additional liquidity has been
obtained through a US$1 million receivables discounting facility, which is
expected to support cash flow management and the continued growth of revenues
from large global customers with longer payment terms for the remainder of the
year, underscoring our commitment to maintaining a solid financial foundation
and achieving positive operating cashflow in H2 2024.

 

Ian James, CEO of Silverbullet, commented:

"I am pleased to report that we have secured 20 new logos since the beginning
of the year. The new contracts include multinational brands that have
entrusted Silverbullet to service their upcoming growth strategies, providing
robust validation that our strategy is being well adopted as we focus on our
clients' intelligent data utilisation in this privacy-centric era.

 

"Our new working capital facility further strengthens our financial position,
providing us with the necessary liquidity to support our expanding global
customer base and reducing the need for additional fundraising. This facility
is a testament to our robust financial management and strategic planning.

 

"We are confident in our ability to meet full-year management expectations and
our commitment to achieving a positive EBITDA run rate during the second half
of the year, along with positive operating cashflow. Our committed revenues
represent a significant portion of our annual budget and we look forward to
continuing this momentum and updating the market in due course."

 

 

For further information please contact:

 Silverbullet                                               via IFC
 Ian James (CEO) / Chris Ellis (CFO)

 Strand Hanson Limited - Financial and Nominated Adviser    0207 409 3494
 James Spinney / James Bellman / Robert Collins

 Oberon Capital - Joint Broker                              0203 179 5344
 Mike Seabrook / Chris Crawford / Nick Lovering
 CMC Markets - Joint Broker                                 0203 003 8632
 Douglas Crippen

 IFC Advisory                                               020 3934 6630
 Graham Herring / Tim Metcalfe / Florence Chandler          07793 839 024

 

About Silverbullet

Silverbullet's proprietary 4D AI advertising solution is designed to help
advertisers target consumers in a "post cookie world". The product is a
natural extension to its existing services business which already serves a
blue-chip client base such as a leading UK hospitality brand and a Global
Brewing company, amongst many others. The removal of third-party cookies has
already been implemented by web browsers such as Firefox and Safari, with
Google expected to phase out the use of cookies in 2025.

 

Headquartered in London, the Group employs 75+ data specialists across five
regions across the globe, including, the UK, Italy, Australia, USA and Latin
America. The Group continues to look at other opportunities for expansion
worldwide.

 

The Company has an established and growing solutions business with significant
accumulated industry experience and a proven track record of delivering
strategic digital transformation and activation services to its clients. The
majority of the Board have held senior positions at global software companies
and have significant industry experience across data engineering, SAAS product
development and marketing.

 

The Group has close technical and commercial partnerships with multiple global
technology providers, all of which have existing sales channels and are
already delivering to clients.

 

The Group has established a strategic partnership and an entity with Local
Planet, a scaled network of over 60 agencies across the globe.  Local Planet
Data Services Limited was established in December 2020 and presents a
significant opportunity to provide data services and the 4D product to the
Local Planet agency network.

 

 

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