REG - Silver Bullet Data - Trading Update

Silver Bullet Data ServicesAnnouncement

10/08/2023 07:00

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RNS Number : 8578I  Silver Bullet Data Services Grp PLC  10 August 2023

10 August 2023

Silver Bullet Data Services Group plc

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

Trading Update

Silverbullet (AIM: SBDS), a provider of digital marketing transformation
services and products, is pleased to provide a trading update for the six
months ended 30 June 2023 ("H1 2023"), a period of continued strong revenue
growth with overall performance in line with management expectations.

 

Highlights

·    Strong revenue performance of £4.1m - a year-on-year increase of 76%
(H1 2022: £2.3m)

·    Significantly reduced losses for the period compared to prior year

·    Reduction in cost base to reflect the focus on achieving a headline
profit before tax in Q1 2024

·    Strong growth across key markets: US, UK and APAC

·    Increased demand to Group's Contextual AI product, 4D across all
markets especially the US

 

The strong trading for the Group in H1 2023 has been achieved with revenues of
£4.1m, representing a year-on-year growth rate of 76%. This has been
primarily driven by our established customer base across the three key markets
of US, UK and APAC. Notably, over 35% of Group revenue in H1 2023 was
generated in the US market. The Group's overall performance has also been
improved by a significantly reduced cost base (now that the 4D product
development is complete), resulting in higher margins, which positions the
Group to achieve a headline profit before tax on a quarter by quarter basis
from Q1 2024.

 

Growth has been achieved in all areas of the business, as global clients
accelerate their use of first-party customer data and privacy led marketing
products. As clients' marketing investment and customer experiences continues
to shift to digital, especially online commerce, video and CTV, Silverbullet
is well positioned as a partner of choice for clients to deliver their data
driven marketing transformation journey.

 

Demand for the Group's Contextual AI product 4D has increased, with notable
clients in the period including a leading US media agency with which
Silverbullet has received sales commitments of over $1m since the beginning of
2023. As 4D rolls out its generative AI upgrades and the marketplace adapts to
the depreciation of "third-party cookies", client demand continues to grow for
the "privacy first" 4D contextual AI platform globally.

 

In the area of first-party data transformation services, notable global
clients such as Heineken, Sony, Mars and ITV continue to adopt more services
from SilverBullet as the Group expands its portfolio product suite.
Silverbullet continues to leverage its key partnerships with global enterprise
software providers such as Salesforce, Treasure Data (a Softbank owned
software platform) and its Joint Ventures with Google reseller Making Science
and global media agency network Local Planet, thus providing a solid pipeline
of new clients into 2024.

 

 

Ian James, Chief Executive, commented:

"We are delighted that the momentum in the first quarter has continued, with
particularly impressive growth from our 4D AI platform. Following our growth
in revenue from a reduced cost base, the Group remains on track to achieve a
headline profit before tax on a quarter by quarter basis from Q1 2024. The
Board is optimistic that market conditions are encouraging customers to adopt
our privacy first marketing transformation services and products, which are
becoming a vital part of their business strategy."

 

For further information please contact:

 Silverbullet                                               via IFC
 Ian James (CEO)

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

 Oberon Capital - Broker                                    0203 179 5344
 Mike Seabrook / Chris Crawford / Nick Lovering

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

 

 

 

About Silverbullet

Silverbullet's proprietary 4D AI platform is designed to enable advertisers to
target consumers in a "privacy first post cookie world". The product is a
natural extension to its existing marketing transformation services business
which already serves a blue-chip client base such as Heineken, Mars, Sony and
ITV amongst many others. The growing use of first party customer data and the
removal of third-party cookies which has already been implemented by web
browsers such as Firefox and Safari, with Google expected to phase out the use
of cookies in 2023 is accelerating marketing transformations across all
business sectors.

 

Headquartered in London, the Group employs 80+ employees across Europe, US
and APAC. The Group continues to look at other opportunities for expansion
worldwide.

 

The Company has an established and growing services business with significant
accumulated industry experience and a proven track record of delivering
strategic engagements 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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