REG - Silver Bullet Data - Interim Results
29/09/2025 07:00
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RNS Number : 1012B Silver Bullet Data Services Grp PLC 29 September 2025
29 September 2025
Silver Bullet Data Services Group plc
("Silverbullet" or the "Company", or, together with its subsidiaries, the
"Group")
Interim Results
Silverbullet (AIM: SBDS), a provider of AI driven digital transformation
services and products, is pleased to announce its unaudited interim results
for the six months to 30 June 2025.
Financial Highlights
Six months to 30 June 2025 Six months to 30 June
2024
Revenue £4.8m £4.4m
Gross Profit £3.8m £3.3m
EBITDA* (£1.1m) (£0.9m)
Reported Loss before tax (£2.1m) (£1.6m)
Earnings Per Share -0.11p -0.08p
*Refer to note 3 of notes to the interim accounts
Highlights
· Headline revenue growth of 10% compared to the six months to 30 June 2025 ("H1
2024"), despite challenging macroeconomic conditions, one-off Q1 2025 tariff
headwinds, and ongoing US market instability.
· EBITDA was flat year-on-year and in line with expectations, excluding the
impact of the Codec acquisition and one-off costs related to redundant
corporate roles.
· Total bookings of £9.0m secured by 31 August 2025 versus £9.3m for the whole
of the 2024 financial year, demonstrating strong momentum with further upside
expected in the second half of 2025 ("H2 2025").
· Services revenue of £5.7m already secured, representing 88% of target and up
11.9% year-on-year.
· 4D revenue of £3.1m booked year-to-date (80% of full-year target), with
data-only revenues up 65% year-on-year.
· New client wins during the period include a 2 year contract with Global
Fashion to drive marketing data transformation, and additional new 4D client
logos including Apple, Rover, Thompson Reuters and Sky Bet.
· 4D AI structural cost review and broader company wide cost-mitigation
programme on track to deliver operating expense savings in H2 2025, supporting
further EBITDA improvement.
· Successfully raised £3.3m in June 2025 via the issue of new convertible loan
notes ("CLNs"), loan notes, a subscription and a WRAP Retail Offer (the
"Fundraise").
· As part of the Fundraise, restructured and consolidated existing CLNs into new
three-year CLNs simplifying the Group's capital structure and aligning
financing with the Group's growth plan.
Post Period End
· Three GenAI upgrades for 4D AI went live in September, enhancing clients' and
agencies' ability to plan, optimise and measure contextual ad campaigns.
· Additional AI innovation expected to be rolled out in Q4 2025 across Codec, 4D
and professional services to drive internal efficiency and improve product and
service effectiveness.
· Appointment of new NED Dara Nasr, who brings over 20 years' of digital media
and tech experience, working at Twitter and Google/YouTube. Dara will be
supporting sales growth with a focus on 4D data partnerships and strategic
commercial deals.
· Launched new AI products and are seeing accelerating impact of AI on
operations and client growth opportunities; currently reviewing cost base
versus AI-driven efficiency opportunities to further improve EBITDA and
broaden products and services to meet growing client demand.
· Explored a potential acquisition offering strategic growth opportunities,
however the Board determined it was not sufficiently compelling and decided
not to proceed. The Company continues to assess strategic opportunities on an
ongoing basis.
Ian James, Chief Executive, commented:
"The Board is encouraged by the progress and positioning of the Company and by
its strengthened presence in the AI space. Mindful of ongoing macroeconomic
headwinds and reduced visibility on client spending patterns, the Group's
continued new business wins and clear focus on AI demonstrate the resilience
of our business model.
"Whilst Silverbullet continues to deliver world-class value to both current
and new clients through data-driven business transformation, innovation
remains at the heart of the Group's strategy. We continue to be excited by the
opportunities for our 4D AI product offering, successfully pivoting towards
GenAI-led opportunities and positioning the business to capture growth in this
rapidly developing area.
"With total bookings secured by the end August almost surpassing last year's
total, combined with effective cost management, the Board is confident in its
full year performance."
For further information please contact:
Silverbullet via IFC
Ian James (CEO) / Chris Ellis (CFO)
0207 409 3494
Strand Hanson Limited - Financial and Nominated Adviser
James Spinney / James Bellman / Imogen Ellis
0203 829 5000
Zeus Capital Limited - Joint Broker
Simon Johnson / Jake Walker
020 3179 5300
Oberon Capital - Joint Broker
Mike Seabrook / Jessica Cave
020 3934 6630
07793 839 024
IFC Advisory
Graham Herring / Tim Metcalfe / Florence Staton
About Silverbullet
Silverbullet's proprietary 4D AI advertising solution is designed to help
advertisers target consumers in a "privacy-first 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.
Headquartered in London, the Group employs 85+ 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.
Chief Executive Officer's Report
I am pleased to report that Silverbullet has delivered another period of solid
progress in the year to date, with headline revenue up 10% despite a
challenging macroeconomic backdrop, one-off tariff headwinds in Q1 2025 and
ongoing US market instability. This resilience reflects the quality of our
client base and the benefits of our focus on high-margin, repeatable business.
By 31 August 2025, the Group had secured £9.0 million of bookings compared
with £9.3 million for the whole of the 2024 financial year, providing good
visibility and confidence for the second half.
The first half of 2025 has continued to bring change across the digital
marketing landscape. The lines between adtech and martech are continuing to
blend as organisations move towards more integrated, AI-enabled customer
experiences. In this environment, privacy-compliant, first-party data
strategies and greater automation are becoming essential components of
effective marketing.
Silverbullet is positioned at the heart of this transformation and continues
to support clients through this shift. By combining our proprietary technology
with expertise in data strategy and implementation, we help brands plan,
activate and measure marketing activity in a more connected and contextual
way.
We are seeing demand around customer journey orchestration, retail and
commerce media, connected TV and social video, all of which benefit from
real-time personalisation and contextual insight. Through the integration of
our 4D AI and Silverbullet Cloud platforms with our services in data strategy
and AI integration, we assist brands in building marketing data ecosystems
that are both agile and sustainable.
During the first half of 2025, Silverbullet has continued to expand its
partnerships with leading global brands, delivering programmes that embed new
technology and operating models to future-proof marketing investment. This
approach reduces complexity for our clients, creates repeatable outcomes and
reinforces our position as a trusted long-term partner rather than a
point-solution provider.
As we look ahead to the second half of the year, our priority remains to
evolve our platforms and expertise in line with client needs, focusing on
innovation, reliability and measured growth.
New Business Wins
Silverbullet has continued to win high-quality new contracts in the first half
of 2025, demonstrating the strength of its proposition and growing market
demand. In Q1 2025, a significant two-year engagement with a global retail
brand was secured, worth a minimum of US$1.5 million, to deliver a full data
management and integration programme, including digital customer management
and activation through 4D AI and Codec. In addition, the Company signed two
further contracts with global beverage and FMCG clients to implement new 4D
AI-driven digital advertising programmes via The Trade Desk, strengthening the
Group's recurring, higher-margin 4D AI revenues, which grew 59% versus Q1
2024.
Services
Services revenues remain a key growth driver. £5.7 million in bookings for
the year has already been secured, 88% of our full-year target and up 11.9%
year on year. This growth reflects further consolidation of relationships with
key existing global clients and the successful onboarding of new customers,
creating a strong platform for the rest of the year.
4D AI
Brands and agencies can now tap into the 4D AI platform in whatever way suits
them best, whether that's using our self-service and private data marketplaces
for in-house teams or opting for a fully managed service where we handle
insights, targeting and measurement on their behalf.
The Group's 4D AI business continues to progress well. £3.1 million has been
booked year to date, equivalent to 80% of the full-year target, with data-only
revenues up 65% year on year and total 4D revenues up 4% year on year, despite
delays in Q1 bookings from larger US Government clients. New client wins and
renewals during the period, including Apple, Thompson Reuters, Rover, Visa,
Vodafone, Sky Bet and several additional 4D logos, are further strengthening
our recurring revenue base and reinforced 4D AI's position as a trusted
partner for contextual intelligence.
Since its inception, 4D AI's strategy has been to drive high-margin, low-touch
data revenues by embedding its proprietary data and technology into partner
platforms with established market scale and client demand. Building on
successful integrations with OpenX, PubMatic and The Trade Desk, 4D AI now
benefits from seven significant global data integrations, providing brands and
agencies with seamless access to 4D's AI-driven context-building and
optimisation engine. These integrations remove friction from campaign planning
and execution while expanding high-margin, self-service revenues without
significant increases in sales and marketing spend.
Innovation is central to the Group strategy. In September 2025, the Company
launched three new GenAI upgrades for 4D AI to simplify the process for
clients and agencies to plan, optimise and measure contextual ad campaigns.
Further AI initiatives are expected to roll out in Q4 2025 across Codec, 4D
and our professional services to enhance internal efficiency and improve the
effectiveness of our offering.
We have also launched new AI products and are witnessing a broader
acceleration in AI's impact on both current operations and future client
growth opportunities. In response, we are reviewing our cost base against
AI-driven efficiency opportunities to enhance EBITDA, while simultaneously
expanding our product and service offerings to meet increasing client demand.
Convertible Loan Notes
In June 2025, the Group successfully raised £3.3 million through the issue of
new CLNs, loan notes, a subscription and a WRAP Retail Offer. As part of this
process, the Group also restructured and consolidated its existing CLNs into
new three-year instruments, simplifying the capital structure and better
aligning financing with the Group's growth strategy. This strengthened balance
sheet provides the Group with enhanced financial flexibility to capitalise on
the strong demand for its AI-driven products and services.
Board Changes
After the period end, the Group strengthened its leadership capabilities with
considerable industry acumen and welcomed Dara Nasr to the Board as a
Non-Executive Director. Dara's extensive experience at WeTransfer, Twitter and
Google/YouTube brings significant expertise in scaling revenue, forging global
partnerships and navigating regulated sectors.
The appointment of Dara will enable management to concentrate on driving sales
growth, with a particular focus on 4D data partnerships and strategic
commercial deals.
M&A Activity
The Company explored a potential acquisition that looked to present strategic
opportunities to accelerate growth. After careful consideration, the Board
concluded that the proposal was not sufficiently compelling to proceed and
therefore ultimately decided not to proceed with the transaction. The Company
continues to assess strategic opportunities on an ongoing basis where ther are
compelling opportunities to accelerate growth or expand our product offering.
Outlook
The Board is encouraged by the progress and positioning of the Company and by
its strengthened presence in the AI space. Mindful of ongoing macroeconomic
headwinds and reduced visibility on client spending patterns, the Group's
continued new business wins and clear focus on AI demonstrate the resilience
of its business model.
Whilst Silverbullet continues to deliver world-class value to both current and
new clients through data-driven business transformation, innovation remains at
the heart of the Group's strategy. The Company continues to be excited by the
opportunities of its 4D AI product offering, successfully pivoting towards
GenAI-led opportunities and positioning the business to capture growth in this
rapidly developing area.
With total bookings secured by the end August almost surpassing last year's
total, combined with effective cost management, the Board is confident in its
full year performance.
Consolidated Statement of Comprehensive Income
Note Six months ended 30 June 2025 Six months ended 30 June 2024
£ £
Revenue 3 4,823,044 4,373,521
Cost of sales (1,033,307) (1,027,854)
Gross profit 3,789,737 3,345,667
Personnel costs (3,172,890) (2,793,256)
Depreciation and amortisation (401,479) (380,664)
Other operating expenditure (1,506,241) (1,443,671)
Exceptional items 4 (168,474) -
Operating loss (1,459,347) (1,271,924)
Finance expense (671,428) (288,854)
Loss before taxation (2,130,775) (1,560,778)
Taxation 5 245,657 126,991
Loss after taxation attributable to the equity shareholders of the company (1,885,119) (1,433,787)
Other comprehensive (loss) net of taxation
Currency translation differences (24,379) 51,200
Total comprehensive loss for the year (1,909,498) (1,382,587)
Total comprehensive loss attributable to:
Shareholders of the company (1,909,498) (1,381,306)
Non-controlling interest - (1,281)
(1,909,498) (1,382,587)
Earnings per share
Basic earnings 6 (0.11) (0.08)
Diluted earnings 6 (0.11) (0.08)
Consolidated Statement of Financial Position
At 30 June 2025 At 31 December 2024 At 30 June 2024
Non-current assets Note £ £ £
Goodwill 7 4,349,662 4,349,662 4,349,662
Intangible assets 7 1,078,561 1,425,837 1,681,416
Investments 4,999 4,999 4,999
Property, plant and equipment 25,858 32,049 36,242
Total non-current assets 5,459,080 5,812,547 6,072,319
Current assets
Trade and other receivables 3,445,098 3,036,724 3,126,984
Cash and cash equivalents 1,112,819 275,491 803,014
Total current assets 4,557,917 3,312,215 3,929,998
Total Assets 10,016,997 9,124,762 10,002,317
Current liabilities
Trade and other payables 4,384,220 2,905,945 3,489,126
Loans and other borrowings 8 1,099,503 3,621,400 390,563
Total current liabilities 5,483,723 6,527,345 3,879,689
Non-current liabilities
Loans and borrowings 8 4,152,623 810,324 2,967,448
Deferred tax liability 5 247,480 335,324 420,353
Total non-current liabilities 4,400,103 1,145,648 3,387,801
Total liabilities 9,883,826 7,672,993 7,267,490
Net assets 133,171 1,451,769 2,734,828
Equity
Share capital 9 189,604 174,649 174,754
Share premium 12,202,047 11,776,459 11,776,216
Share option reserve 10 2,305,309 2,305,268 2,405,747
Other reserves 150,316 575,146 454,246
Retained earnings (14,647,914) (13,337,941) (11,988,204)
Capital redemption reserve 50 50 50
Foreign exchange reserve (69,863) (45,484) (90,414)
Equity attributable to the equity shareholders of the company 129,549 1,448,147 2,732,395
Non-controlling interest 3,622 3,622 2,433
Total equity 133,171 1,451,769 2,734,828
Consolidated Statement of Cash Flows
Six months ended 30 June 2025 Six months ended 30 June 2024
£ £
Cash flows from operating activities
Total comprehensive loss for the year (1,909,497) (1,382,587)
Adjustments for:
Depreciation 29,483 11,516
Amortisation 371,996 369,148
Net finance expense 671,428 288,855
Taxation expense (245,657) (126,991)
Currency translation differences 24,379 (51,200)
Increase in trade and other receivables (162,717) 189,895
Increase in trade and other payables 1,453,895 706,468
Share option charge 41 84,066
(Decrease) in deferred tax liability (87,844) (67,638)
Cash generated from operations 145,507 21,532
Taxation refunded - 143,675
Net cash used in operating activities 145,507 165,207
Cash flows from investing activities
Purchase of property, plant and equipment (23,292) (12,490)
Purchase of intangible assets (24,720) (87,220)
Net cash used in investing activities (48,012) (99,710)
Cash flows from financing activities
Proceeds from issue of new shares 440,543 -
Proceeds from borrowings 2,625,179 110,937
Repayments of borrowings (2,138,052) (56,394)
Share options exercised - 34,166
Equity in convertible loan notes issued 150,316 2,814
Interest paid (338,153) (31,861)
Net cash from financing activities 739,833 59,662
Net increase in cash and cash equivalents 837,328 125,159
Cash and cash equivalents at beginning of period 275,491 677,855
Cash and cash equivalents at end of period 1,112,819 803,014
Consolidated Statement of Changes in Equity attributable to the shareholders
Share Capital Share premium Share Option Reserve Other reserves Retained earnings Capital redemption reserve Foreign exchange reserve Total equity attributable to shareholders Non-controlling interest Total equity
£ £ £ £ £ £ £ £
As at 1 January 2024 173,908 11,742,897 2,433,195 451,432 (10,667,211) 50 (141,615) 3,992,656 3,713 3,996,369
Total comprehensive loss for the period - - - - (1,432,507) - 51,200 (1,381,307) (1,280) (1,382,587)
Convertible loan notes issued - - - 2,814 - - - 2,814 - 2,814
Share option charge - - 84,066 - - - 84,066 - 84,066
Share option exercised 846 33,320 - - - - - 34,166 - 34,166
Share options forfeited/lapsed - - (111,514) - 111,514 - - - - -
As at 30 June 2024 174,754 11,776,217 2,405,747 454,246 (11,988,204) 50 (90,415) 2,732,395 2,433 2,734,828
Total comprehensive loss for the year - - - - (1,469,216) - 44,931 (1,424,285) 1,189 (1,423,096)
Convertible loan notes issued - - - 120,900 - - - 120,900 - 120,900
Share option charge - - 19,000 - - - - 19,000 - 19,000
Share option exercised (105) 242 (127,183) - 127,183 - - 137 - 137
Share options lapsed - - 7,704 - (7,704) - - - - -
As at 31 December 2024 174,649 11,776,459 2,305,268 575,146 (13,337,941) 50 (45,484) 1,448,147 3,622 1,451,769
Total comprehensive loss for the period - - - - (1,885,119) - (24,379) (1,909,498) - (1,909,498)
New shares issued 14,955 425,588 - - - - - 440,543 - 440,543
Settled convertible loan notes - - - (575,146) 575,146 - - - - -
Convertible loan notes issued - - - 150,316 - - - 150,316 - 150,316
Share option charge - - 41 - - - 41 - 41
As at 30 June 2025 189,604 12,202,047 2,305,309 150,316 (14,647,914) 50 (69,863) 129,549 3,622 133,171
Notes to the interim accounts
1. Description of business, basis of preparation and going concern
GENERAL INFORMATION
Silver Bullet Data Services Group PLC ("SBDS") was incorporated on 13 May
2013. SBDS is a limited liability company incorporated in England and Wales
and domiciled in the UK. The address of the registered office is 54
Charlotte St, London, W1T 2NS.
The principal activity of the SBDS Group is marketing services through the
application of big data technologies to reduce friction.
BASIS OF PREPARATION
The interim consolidated financial statements have been prepared in accordance
with International Accounting Standard (IAS) 34, Interim Financial Reporting.
These interim financial statements have been prepared in accordance with those
UK adopted International Accounting Standards (IAS) in conformity with the
requirements of the Companies Act 2006 and IFRIC interpretations issued and
effective or issued and early adopted as at the time of preparing these
statements.
These consolidated interim financial statements have been prepared in
accordance with the accounting policies set out below, which have been
consistently applied to all the periods presented.
The preparation of these interim financial statements in accordance with
International Accounting Standards in conformity with the requirements of the
Companies Act 2006 requires the use of certain accounting estimates. It also
requires management to exercise judgement in the process of applying the
Group's accounting policies. The areas involving a high degree of judgement or
complexity, or areas where the assumptions and estimates are significant to
the consolidated interim financial statements are disclosed in Note 2.
The financial information contained in this report, which has not been
audited, does not constitute statutory accounts as defined by Section 434 of
the Companies Act 2006.
The presentational currency of the Group is GBP with functional currencies of
the subsidiaries being GBP, EUR, AUD, and USD.
GOING CONCERN
The directors have prepared detailed budgets and forecasts covering the period
to 31 December 2027 which are based on the strategic business plan. These take
into account all reasonably foreseeable circumstances and include
consideration of trading results, cash flows and the level of facilities the
group requires on a month-by-month basis.
Whilst the directors have plans in place to manage any reasonably foreseeable
circumstances, they forecast there will be a need for additional funding in
the short-term. The directors are confident that the Group will be able to
raise any required funds to meet their strategic objectives however there is
an uncertainty over how much funding may be raised when required.
Based on their enquiries and the information available to them and taking into
account the other risks and uncertainties set out herein, the directors have a
reasonable expectation that the company and the group has or will be able to
secure adequate resources to continue operating for the foreseeable future.
Thus, they continue to adopt the going concern basis of accounting in
preparing this financial information.
2. Significant accounting policies
SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS
The preparation of the interim financial statements in accordance with IFRS
requires the use of estimates and assumptions to be made in applying the
accounting policies that affect the reported amounts of assets, liabilities,
revenue and expenses and the disclosure of contingent assets and liabilities.
The estimates and related assumptions are based on previous experiences and
other factors considered reasonable under the circumstances, the results of
which form the basis for making the assumptions about the carrying values of
assets and liabilities that are not readily apparent from other sources.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period or in the period
of the revision and future periods if the revision affects both current and
future periods.
Significant accounts that require estimates as the basis for determining the
stated amounts include performance obligations surrounding revenue recognition
and the valuation assumptions in calculating the impairment of goodwill and
intangible assets.
REVENUE RECOGNITION
IFRS 15 - Revenue from Contracts with Customers has been applied for all
periods presented within the financial statements. The timing of all revenue
recognised by the Group during the reporting period was satisfied over time in
accordance with IFRS 15 recognition criteria. None of the Group's activities
result in the transfer of control of a product at a point in time for revenue
recognition purposes.
During the period under review the Group recognised revenue from the following
activities:
Customer Experience Services
Revenue relating to service contracts is invoiced according to milestones
defined within each contract, the terms of which vary on a case-by-case basis.
In all cases the revenue is recognised in line with the provision of the
services or, where the quantum and timing of the services cannot be reliably
predicted, rateable over the period of the agreement.
Invoices against services contracts are raised on a monthly basis with
adjustments for accrued or deferred income where the agreed invoicing
timescale does not match the valuation of provision of services.
4D contextual targeting and insights platform
Amounts received or receivable for campaigns, typically invoiced on a monthly
basis, recognise revenue in proportion to the quantum of advertising units
delivered according to the contracted service. Units and metrics deliverable
under each contracted services will vary on a case-by-case basis.
Contract liabilities
Contract liabilities are recognised when payment from a customer is received
in advance of performance obligations being satisfied. Contract liabilities
are recognised in trade and other payables.
Contract assets
Contract assets are recognised when revenue is recognised but payment is
conditional on a basis other than the passage of time. Contract assets are
included in trade and other receivables.
TAXES
Corporation tax, where payable, is provided on taxable profits at the current
rate.
Deferred tax is provided on all temporary differences at the reporting date
between the tax bases of assets and liabilities and their carrying amounts for
financial reporting purposes.
Deferred tax assets are recognised for all deductible temporary differences,
carry-forward of unused tax assets and unused tax losses, to the extent that
it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry-forward of unused tax assets
and unused tax losses can be utilised. The carrying amount of deferred tax
assets is reviewed at each balance sheet date and reduced to the extent that
it is no longer probable that sufficient taxable profit will be available to
allow all or part of the deferred tax asset to be utilised.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax
liabilities, and when the deferred tax assets and liabilities relate to taxes
levied by the same taxation authority on either the taxable entity or
different taxable entities where there is an intention to settle the balances
on a net basis.
Deferred tax assets and liabilities are measured at the tax rates that are
expected to apply to the year when the asset is realised or the liability is
settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the balance sheet date.
FOREIGN CURRENCY TRANSLATION
Transactions in currencies other than the functional currency (foreign
currencies) are initially recorded at the exchange rate prevailing on the date
of the transaction.
Monetary assets and liabilities denominated in foreign currencies are
translated at the rate of exchange ruling at the reporting date. Non-monetary
assets and liabilities denominated in foreign currencies are translated at the
rate ruling at the date of the transaction, or, if the asset or liability is
measured at fair value, the rate when that fair value was determined.
All translation differences are taken to profit or loss, except to the extent
that they relate to gains or losses on non-monetary items recognised in other
comprehensive income, when the related translation gain or loss is also
recognised in other comprehensive income.
INTANGIBLE ASSETS AND GOODWILL
Goodwill
Goodwill is initially measured at fair value, being the excess of the
aggregate of the consideration transferred over the fair value of the net
assets acquired, and any previous interest held over the net identifiable
assets acquired and liabilities assumed. After initial recognition, goodwill
is measured at cost less any accumulated impairment losses. The goodwill is
tested annually for impairment irrespective of whether there is an indication
of impairment.
For the purposes of impairment testing, goodwill is allocated to the
cash-generating units expected to benefit from the acquisition.
Cash-generating units to which goodwill has been allocated are tested for
impairment at least annually, or more frequently when there is an indication
that the unit may be impaired. If the recoverable amount of the
cash-generating unit is less than the carrying amount of the unit, the
impairment loss is allocated first to reduce the carrying amount of any
goodwill allocated to the unit and then to the other assets of the unit
pro-rata on the basis of the carrying amount of each asset in the unit.
Intangible assets (other than goodwill)
Intangible assets acquired separately from a business are recognised at cost
and are subsequently measured at cost less accumulated amortisation and
accumulated impairment losses. Intangible assets acquired on business
combinations are recognised separately from goodwill at the acquisition date
if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets
less their residual values over their useful lives on the following bases:
Development costs
- Straight line basis over 5 years
Customer
lists
- Straight line basis over 4 years
IMPAIRMENT OF NON-CURRENT ASSETS
At each reporting period end date, the Group reviews the carrying amounts of
its tangible and intangible assets to determine whether there is any
indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order
to determine the extent of the impairment loss (if any). Where it is not
possible to estimate the recoverable amount of an individual asset, the
company estimates the recoverable amount of the cash-generating unit to which
the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in
use. In assessing value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the
asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated
to be less than its carrying amount, the carrying amount of the asset (or
cash-generating unit) is reduced to its recoverable amount. An impairment loss
is recognised immediately in the statement of comprehensive income.
Recognised impairment losses are reversed if, and only if, the reasons for the
impairment loss have ceased to apply. Where an impairment loss subsequently
reverses, the carrying amount of the asset (or cash-generating unit) is
increased to the revised estimate of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying amount that would have
been determined had no impairment loss been recognised for the asset (or
cash-generating unit) in prior years. A reversal of an impairment loss is
recognised immediately in profit or loss.
RESEARCH AND DEVELOPMENT EXPENDITURE
Research expenditure is written off against profits in the year in which it is
incurred. Identifiable development expenditure is capitalised to the extent
that the technical, commercial and financial feasibility can be demonstrated.
Development costs relate to the internally developed platform held by the
group which is expected to generate future revenue streams.
FINANCIAL INSTRUMENTS
Silver Bullet Data Services Group PLC classifies financial instruments, or
their component parts, on initial recognition as a financial asset, a
financial liability or an equity instrument in accordance with the substance
of the contractual arrangement. Financial instruments are recognised on the
date when the Group becomes a party to the contractual provisions of the
instrument. Financial instruments are recognised initially at fair value plus,
in the case of a financial instrument not a fair value through profit and
loss, transaction costs that are directly attributable to the acquisition or
issue of the financial instrument. Financial instruments are derecognised on
the settlement date when the Group is no longer a party to the contractual
provisions of the instrument.
Non-derivative financial instruments comprise trade and
other receivables, cash and cash equivalents, loans and borrowings, and trade
and other payables.
Trade and other receivables and trade and other payables
Trade and other receivables are recognised initially at transaction price less
attributable transaction costs. Trade and other payables are recognised
initially at transaction price plus attributable transaction costs. Subsequent
to initial recognition they are measured at amortised cost using the effective
interest method, less any expected credit losses in the case of trade
receivables. If the arrangement constitutes a financing transaction, for
example if payment is deferred beyond normal business terms, then it is
measured at the present value of future payments discounted at a market rate
of interest for a similar debt instrument.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at the present value of
future payments discounted at a market rate of interest. Subsequent to initial
recognition, interest-bearing borrowings are stated at amortised costs using
the effective interest method, less any impairment losses.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank
overdrafts that are repayable on demand form an integral part of the Group's
cash management and are included as a component of cash and cash equivalents
for the purpose only on the cash flow statement.
Convertible loan notes
Liability instruments that are convertible into equity shares either
mandatorily or at the option of the holder, are split into liability and
equity components. The liability element is determined by the fair value of
the cash flows excluding any equity component; with the residual assigned to
equity.
PROVISIONS
A provision is recognised in the statement of financial position when the
Group has a present legal or constructive obligation as a result of a past
event, that can be reliably measured and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are
determined by discounting the expected future cash flows at a pre-tax rate
that reflects risks specific to the liability. Where the effect of the time
value of money is material, the amount expected to be required to settle the
obligation is recognised at present value. When a provision is measured at
present value, the unwinding of the discount is recognised as a finance cost
in profit or loss in the period in which it arises.
LEASES
The Group leases a number of properties in various locations in Europe,
Australia, USA, and the UK from which it operates.
All leases are accounted for by recognising a right-of-use asset and a lease
liability except for:
- Leases of low value assets; and
- Leases with a duration of twelve months or less.
All leases signed by the Group during the reporting period were for a period
of less than twelve months so no right-of-use assets have been recognised.
GRANT INCOME
Grant income is recognised where there is reasonable assurance that the grant
will be received, and all attached conditions will be complied with. When the
grant relates to an expense item, it is recognised as income on a systematic
basis over the periods that the related costs, for which it is intended to
compensate, are expensed. When the grant relates to an asset, it is recognised
as income in equal amounts over the expected useful life of the related asset.
SHARE-BASED PAYMENTS
The Group operates a share option programme which allows employees of the
subsidiary companies to be granted options to purchase shares in this company.
The fair value of options granted is recognised as an employment expense with
a corresponding increase in equity.
The particular terms of the share options state that they can only be
exercised by employees in the event of an exit where the company is either
sold to a third party, wound up or floated on a public stock exchange. The
fair value of the options is measured at the grant date and spread over the
vesting period. The fair value is measured based on an option pricing model
taking into account the terms and conditions upon which the instruments were
granted.
Vesting periods in each share option agreement vary from vesting immediately
on grant date to vesting over a period of four years.
EXCEPTIONAL ITEMS
Where items of income and expense included in the statement of comprehensive
income are considered to be material and exceptional in nature, separate
disclosure of their nature and amount is provided in the financial statements.
These items are classified as exceptional items. The Group considers the size
and nature of an item both individually and when aggregated with similar items
when considering whether it is material, for example impairment of intangible
assets or restructuring costs.
FINANCE INCOME AND EXPENSES
Finance expenses comprise interest payable and leases liabilities recognised
in the statement of comprehensive income using the effective interest method,
and unwinding of the discount on provisions.
Interest income and interest payable are recognised in the statement of
comprehensive income as they accrue, using the effective interest method.
INTERIM MEASUREMENT
Costs that are incurred unevenly during the financial year are accrued or
deferred in the interim report only if it would be appropriate to do so at the
end of the financial year.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of these financial statements requires the Directors to make
estimates and judgements that affect the reported amounts of assets,
liabilities, costs and revenue in the financial statements. Actual results
could differ from these estimates. The judgements, estimates and associated
assumptions are based on historical experience and other factors that are
considered to be relevant.
Key sources of estimation uncertainty that could cause an adjustment to be
required to the carrying amount of assets or liabilities within the next
accounting period are:
Critical accounting estimates:
Impairment of intangible fixed assets
Impairment tests have been undertaken in respect of goodwill and intangible
fixed assets using an assessment of the value in use of the respective cash
generating units (CGUs). This assessment requires a number of assumptions and
estimates to be made including the allocation of assets to CGUs, the expected
future cash flows from each CGU and also the selection of a suitable discount
rate in order to calculate the present value of those cash flows. Impairments
of intangible assets are explained in more detail at note 11.
Critical accounting judgements:
Amortisation
The assessment of the useful economic lives, residual values and the method of
depreciating or amortising intangible (excluding goodwill) fixed assets
requires judgement. Amortisation is charged to profit or loss based on the
useful economic life selected, which requires an estimation of the period and
profile over which the group expects to consume the future economic benefits
embodied in the assets. Useful economic lives and residual values are
re-assessed, and amended as necessary, when changes in their circumstances are
identified.
Capitalised development costs
Development costs incurred in building the Group's key platform for future
expansion have been capitalised in accordance with the requirements of IAS38.
The majority of these costs consist of salary expenses to which an estimated
proportion of development time has been applied.
Convertible loan notes
The equity portion of the convertible loan notes have been valued using the
Black-Scholes model. This gives equivalent discount rates on the liability
components ranging from 14% to 21%. The directors consider this rate to be an
approximation of the rate on a similar loan without the conversion feature.
The directors consider this method is used as a practical measure to estimate
the value of the debt.
Going concern
These financial statements have been prepared on the going concern basis. This
treatment is based on management's judgement that cashflow requirements for
the continued development can be achieved through operating activities and
through additional fundraising if required.
3. Operating segments
IFRS 8 requires that operating segments be identified on the basis of internal
reporting and decision-making. The Group has two key business segments
outlined below. The business analyses these streams by revenue and gross
margin. Overheads, assets and liabilities are not separately allocated
across the business streams.
Six months ended 30 June 2025 Six months ended 30 June 2024
Revenue Gross profit Revenue Gross profit/(loss)
£ £ £ £
Customer Experience Services 3,091,697 3,089,571 2,946,459 2,929,032
4D Platform 1,731,347 700,166 1,427,062 416,635
Total 4,823,044 3,789,737 4,373,521 3,345,667
Operating (loss) (1,459,347) (1,271,924)
Depreciation and amortisation 401,479 380,664
Total (1,057,868) (891,260)
4. Exceptional items
30 June 2025 30 June 2024
£ £
Potential costs in relation to business acquisitions 168,474 -
168,474 -
5. Income tax
A deferred tax asset in respect of the Group's cumulative
losses to date has not been recognised due to the uncertainty of the timing of
future loss relief. Deferred tax movements during the period relate solely to
the change in value of internally generated intangible fixed assets.
Research and development tax relief claims under the SME scheme are submitted
at each financial year end. Anticipated tax credits for the period under
review totalling £nil (June 2024: £60,000) are held within other
receivables.
6. Earnings per share
Earnings per share (EPS) is calculated on the basis of profit attributable to
equity shareholders divided by the weighted average number of shares in issue
for the year. The diluted EPS is calculated on the treasury stock method and
the assumption that the weighted average EMI share options outstanding during
the period are exercised.
Six months ended 30 June 2025 Six months ended 30 June 2024
£ £
Loss after taxation attributable to the shareholders (1,885,119) (1,433,787)
Number of shares
Weighted average number of ordinary shares 17,589,499 17,413,830
Dilutive effect of in-the-money share options 523,626 547,654
Diluted weighted average number of shares 18,113,125 17,961,484
Earnings per share
Basic earnings per share (0.11) (0.08)
Diluted earnings per share (0.11) (0.08)
As there is a loss for the year, the options are antidilutive and therefore
the basic and the diluted EPS are the same.
7. Goodwill and intangible assets
Customer lists Development Costs Goodwill Total
£ £ £ £
COST
At 1 January 2024 595,708 3,823,957 4,349,662 8,769,327
Additions - 87,221 - 87,221
At 30 June 2024 595,708 3,911,178 4,349,662 8,856,548
At 1 July 2024 595,708 3,934,173 4,349,662 8,879,543
Additions - 98,515 - 98,515
At 31 December 2024 595,708 4,032,688 4,349,662 8,978,058
At 1 January 2025 595,708 4,032,688 4,349,662 8,978,058
Additions - 24,720 - 24,720
At 30 June 2025 595,708 4,057,408 4,349,662 9,002,778
AMORTISATION
At 1 January 2024 595,708 1,860,615 - 2,456,323
Amortisation charge - 369,148 - 369,148
At 30 June 2024 595,708 2,229,763 - 2,825,471
At 1 July 2024 595,708 2,243,682 - 2,839,390
Amortisation charge - 363,169 - 363,169
At 31 December 2024 595,708 2,606,851 - 3,202,559
At 1 January 2025 595,708 2,606,851 - 3,202,559
Amortisation charge - 371,996 - 371,996
At 30 June 2025 595,708 2,978,847 - 3,574,555
NET BOOK VALUE
At 30 June 2024 - 1,681,415 4,349,662 6,031,077
At 31 December 2024 - 1,425,837 4,349,662 5,775,499
At 30 June 2025 - 1,078,561 4,349,662 5,428,223
8. Loans and other borrowings
30 June 2025 31 December 2024 30 June 2024
£ £ £
Current liabilities
Convertible loan notes 217,876 2,366,679 -
Bank loans 781,627 1,054,721 40,563
Term loans 100,000 200,000 350,000
1,099,503 3,621,400 390,563
30 June 2025 31 December 2024 30 June 2024
£ £ £
Non-current liabilities
Convertible loan notes 3,399,126 786,511 2,922,603
Bank loans 3,497 23,813 44,845
Term loans 750,000 - -
4,152,623 810,324 2,967,448
At 30 June 2025 the Group had three bank loans totalling £785,124 (2024: one
bank loan at £85,408). One loan accrues interest at 1.95% repayable over six
years to 2026. Other loan balances represent invoice discounting facilities
repayable monthly with effective annual interest accruing at a rate of 11.2%.
At 30 June 2025 the group had one short-term loan facilities totalling
£100,000 (June 2024: two at £350,000). The loan is lent without security and
accrues interest at a rate of 12%. One long-term loan facility was agreed
during the period for £750,000 (June 2024: £nil), this loan runs until 22
June 2028 and attracts interest at a rate of 15%.
Convertible loan notes are in issue which are convertible by the option holder
into new ordinary shares at any point during the three-year term of the loan,
the latest of which expires on 22 June 2028. Conversion prices are fixed at
£0.30 per ordinary share.
The loan notes attract interest at a rate of 12% per annum, which is payable
commencing on the date of issue either:
i) at the Company's option of 8% per annum paid monthly plus
4% payable via the issue of additional Convertible Loan Notes as payment in
kind.
ii) 12% payable via the issue of additional Convertible Loan
Notes as payment in kind.
The loan notes may be redeemed in cash at the option of the company at any
point at a premium equal to 15% of the principal amount of the Notes.
The equity element of the convertible loan note is recognised within other
reserves. Market interest rates of 14% have been applied to calculate the
residual equity value of the financial instrument.
9. Share capital
During the six months ended 30 June 2025 1,495,581 new shares were issued (six
months to June 2024: 84,649). Share capital in issue during the current and
comparative periods are listed below:
30 June 2025 31 December 2024 30 June 2024
Ordinary share capital No. £ No. £ No. £
issued and fully paid
Ordinary 18,960,448 189,604 17,464,867 174,649 17,475,417 174,754
18,960,448 189,604 17,464,867 174,649 17,475,417 174,754
10. Share Option Reserve
Silver Bullet Data Services Group PLC operates a programme for employees of
its subsidiaries to acquire shares in the company under an EMI scheme.
The number and weighted average exercise price of share options during the
year were as follows:
30 June 2025 31 December 2024 30 June 2024
Weighted average exercise price Share options Weighted average exercise price Share options Weighted average exercise price Share options
£ No. £ No. £ No.
Outstanding at start of period 1.48 1,394,816 1.56 1,349,710 1.49 1,458,484
Forfeited/expired during period - - 1.48 (65,444) 1.27 (24,125)
Granted during period - - 0.50 100,000 - -
Exercised during period - - 0.27 10,550 0.41 (84,649)
Outstanding at end of period 1.48 1,394,816 1.48 1,394,816 1.56 1,349,710
11. Related party transactions
Local Planet International Limited: is a related party to the group by virtue
of having Directors in common. Ian James, Nigel Sharrocks and Martyn Rattle
are directors of both companies.
Recharges for shared services totalling £nil (June 2024: £50,038) are
included in revenue for the six months ended 30 June 2025. Amounts outstanding
at the period end included in trade receivables totals £171,188 (June 2024:
£62,902).
Recharges for direct costs incurred were processed during the six months ended
30 June 2025 totalling £3,561 (June 2024: £42,550). Amounts outstanding at
the period end totalled £105,995 (June 2024: £24,860).
Umberto Torrielli: A director of the Group relocated to the USA in 2020 in
order to establish a new presence in this territory. Following this
relocation, a loan of £150,000, plus accrued interest, was advanced. The
outstanding balance, including accrued interest, of £164,047, is held within
other debtors at the end of the reporting period (June 2024: £155,958). The
loan is repayable within 12 months and attracts interest at the Bank of
England interest rate. Loan interest of £3,589 accrued during the period
(June 2024: £3,989).
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