REG - Silver Bullet Data - Trading Update and Working Capital Facility

Silver Bullet Data ServicesAnnouncement

24/10/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241024:nRSX3727Ja&default-theme=true

RNS Number : 3727J  Silver Bullet Data Services Grp PLC  24 October 2024

24 October 2024

 

Silver Bullet Data Services Group plc

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

 

Trading Update and Working Capital Facility

 

 

Silverbullet (AIM: SBDS), a provider of AI driven digital transformation
services and products, is pleased to provide the following trading update.

 

Highlights

 

 ·           Silverbullet has achieved record-breaking monthly revenue in September in line
             with management expectations, providing significant confidence of trading
             EBITDA positive from October.

 ·           Silverbullet has successfully secured a working capital facility allowing the
             Company to fully execute its growth strategy through FY25.

 

As mentioned in the Company's interim results published on 11 September 2024,
the second half of the year has started particularly strongly, with new global
contracts and strong visibility on full-year revenues. This momentum has
continued as the Group delivered record-breaking revenue in September 2024 and
remains on track to achieve an EBITDA positive run rate from October 2024
onwards.

 

The Company is also pleased to announce that it has secured a new working
capital facility, ensuring support for its growth strategy through FY25. The
funding takes the form of a receivables backed revolving credit facility,
initially for £2m with up to £4m available over 24 months with eligible
receivables over both UK and international invoices. The Board expects the
facility to provide sufficient working capital for the business as it achieves
its goal of an EBITDA positive run rate.

 

Ian James, CEO of Silverbullet, commented:

"We are delighted that the Company has continued to secure new global
contracts resulting in a record trading month for the business. In addition,
the new working capital facility announced today eliminates the need for any
additional funding to cover operational working capital, providing a strong
foundation for continued expansion."

 

 

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

 Zeus Capital Limited - Joint Broker                        0203 829 5000
 Simon Johnson / Jake Walker
 CMC Markets - Joint Broker                                 0203 003 8632
 Douglas Crippen

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

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTQKNBQABDDBKB