The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

23 January 2024

Brave Bison Group plc

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

Trading Update

Results ahead of market expectations

Third consecutive year of growth in net revenue, EBITDA

and EBITDA per share

Brave Bison, the digital advertising and technology services company, is pleased to provide the following trading update for the year ending 31 December 2023 ("FY23").

The Board expects to report audited FY23 results in April 2024.

Financial Highlights

·      Net Revenue / Gross Profit of not less than £20.8m (FY22: £16.9m), growth of 23% year-on-year and ahead of market expectations

·      Adj. EBITDA of not less than £4.3m (FY22: £3.0m), growth of 43% year-on-year, and Adj. Profit Before Tax of not less than £3.6m (FY22: £2.6m), growth of 38% year-on-year, both results ahead of market expectations

·      Net cash ahead of market expectations at £6.8m, an increase of £2.5m from 30 June 2023 (H1 23: £4.3m) and an increase of £0.6m year-on-year (FY22: £6.2m). Revolving credit facility of £3m remains undrawn, providing further liquidity

·      New clients won in 2023 include Pinterest, Purina, John Lewis Partnership, Holland & Barrett, ProCook, Monday.com, Patreon, The Army, Warner Bros., Aer Lingus, Markel Group, Asda, Team GB, Winparts , Fiskars and Molson Coors

·      Third consecutive year of growth in Net Revenue / Gross Profit, Adj. EBITDA and Adj. EBITDA per Share. Net Revenue / Gross Profit has quintupled since 2020 and Adj. EBITDA per Share has doubled since 2021

(1)   Unaudited, not less than results.

(2)   Turnover / Billings includes pass-through costs such as media spend and revenue share from platforms and partner channels.

(3)   Adj. EBITDA is defined as earnings before interest, taxation, depreciation and amortisation, and after adding back acquisition costs, restructuring costs and share-based payments. Under IFRS16 most of the costs associated with property leases are classified as depreciation and interest, therefore Adj. EBITDA is stated before deducting these costs.

(4)   Adj. Profit Before Tax is stated after adding back acquisition costs, restructuring costs, impairments, amortisation of acquired intangibles and share-based payments, and is after the deduction of costs associated with property leases.

Oliver Green, Chairman, commented:

"We are pleased to report another year of good progress at Brave Bison. We have grown profits, EBITDA per share and net cash for the third consecutive year. Our mission to become a market-leading digital advertising and technology services company has advanced notably with the acquisition of SocialChain and we are optimistic for further growth in 2024."

For further information please contact: 

Brave Bison Group plc 

Oliver Green, Chairman                                                                          via Cavendish

Theo Green, Chief Growth Officer 

Philippa Norridge, Chief Financial Officer 

Cavendish Capital Markets Limited                                                      Tel: +44 (0) 20 7220 0500

Nominated Adviser & Broker 

Ben Jeynes 

Dan Hodkinson 

About Brave Bison 

Brave Bison (AIM: BBSN) is a digital advertising and technology services company, headquartered in London with a globally distributed workforce in over ten countries. The Company provides services to global brand advertisers through four business units. 

Brave Bison Performance is a paid and organic media practice. It plans and buys digital media on platforms like Google, Meta, TikTok, Amazon and YouTube, as well as providing search engine optimisation and digital PR services. Customers include New Balance, Curry's and Asus.  

SocialChain is a social media advertising practice. It creates content for social media platforms, and works with influencers to create and distribute content. This creative approach ensures that content is more native to the platform it is on, leading to higher engagements from its audience. Customers include Holland & Barrett, The Army and General Mills.  

Brave Bison Commerce is a digital commerce practice. It creates, improves and maintains transactional websites and manages the customer experience in a digital environment. This practice builds ecommerce systems in a composable way - whereby different functions of a website are provided by different software from different vendors. Customers include Furniture Village, Fiskars and Winparts.  

Brave Bison Media Network is a portfolio of channels across YouTube, Facebook, Snapchat, TikTok and Instagram. These channels generate over 1 billion monthly views, and the advertising inventory from each channel is sold through online advertising exchanges. Popular channels include The Hook, PGA Tour, US Open and Link Up TV.