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.
27 January 2025
Brave
Bison Group plc
("Brave
Bison" or the "Company", together with its subsidiaries "the
Group")
Trading
Update
Results
for FY24 ahead of market expectations
8% growth
in net revenue (exc. US) and 8% growth in adj. profit before
tax
Net cash
of £7.5m at year end to be deployed on further
acquisitions
Brave Bison, the digital media,
marketing and technology company, is pleased to provide the
following trading update for the year ending 31 December 2024
("FY24") ahead of publication of the Group's audited FY24 results
in April 2025.
Oliver Green, Chairman,
commented:
"We are pleased to have delivered a strong set
of results for FY24 despite a challenging macroeconomic
environment. This performance is a testament to our future-facing
trade brand and proposition to global advertisers and the work we
have done around integration and technology
enablement.
"Our recent acquisition of Engage
Digital Partners, which will consolidate from January 2025, gives
us even more reason to be excited about our future in sport and
entertainment with a best-in-class team and now with a presence in
India and Australia. We look forward to reporting on further
progress during the year."
Financial Highlights
|
|
FY24
(1)
|
FY23
|
Change
|
|
Turnover / Billings
(2)
|
£33.1m
|
£35.5m
|
(7%)
|
|
Net
Revenue
|
£21.3m
|
£20.9m
|
+2%
|
|
Net Revenue (exc. US operations)
(3)
|
£21.1m
|
£19.5m
|
+8%
|
|
Adj. EBITDA (4)
|
£4.5m
|
£4.3m
|
+5%
|
|
Adj.
Profit Before Tax (5)
|
£3.9m
|
£3.6m
|
+8%
|
|
Adj. Basic EPS
|
0.30p
|
0.29p
|
+5%
|
|
Net Cash
|
£7.5m
|
£6.8m
|
+10%
|
Small apparent errors due to
rounding
· Group
Net Revenue of not less than £21.3m (FY23: £20.9m), growth of 2%
year-on-year and marginally ahead of market expectations. Excluding
net revenue of £0.2m from US operations which were mothballed
during the period, net revenue growth was 8%
year-on-year
· Adj.
EBITDA of not less than £4.5m (FY23:
£4.3m), growth of 5% year-on-year and ahead
of recently upgraded forecasts (6)
· Adj.
Profit Before Tax of not less than £3.9m (FY23: £3.6m), growth of
8% year-on-year and ahead of recently
upgraded forecasts (6)
· Net
cash of £7.5m as at 31 December 2024, an increase of £0.7m
year-on-year (FY23: £6.8m) and reflecting the acquisition of Engage
Digital Partners ("Engage"). Revolving credit facility of £3m
remains undrawn, providing further liquidity as required
Five Year Review
The five-year track record since the
appointment of Brave Bison's management team is shown
below:
|
|
FY20
|
FY21
|
FY22
|
FY23
|
FY24(1)
|
|
Net Revenue
|
£4.0m
|
£7.8m
|
£16.9m
|
£20.9m
|
£21.3m
|
|
Adj. EBITDA
|
£0.1m
|
£1.8m
|
£3.0m
|
£4.3m
|
£4.5m
|
|
Adj. Basic EPS
|
(0.25p)
|
0.18p
|
0.24p
|
0.29p
|
0.30p
|
|
Net Cash
|
£2.7m
|
£5.5m
|
£6.2m
|
£6.8m
|
£7.5m
|
· Net
revenue has increased 4.3x over five years as a result of four
acquisitions (excluding Engage), all of which have been fully
integrated into the Brave Bison operating platform
· Adj.
EBITDA margins have increased from nil to 21% over five years as a
result of technology-enabled business processes, tight integration
and careful cost control
· Adj.
Basic EPS has grown from a loss per share of (0.25p) to earnings
per share of 0.30p over five years.
· £10.9m
raised through new equity issuance over the last five years. £7.5m
in balance sheet cash at the end of 2024, ready to be recycled into
new accretive acquisitions
Outlook
· The
Board remains comfortable with current market forecasts for
FY25
· The
acquisition of Engage completed in January 2025 and integration is
underway, with the London office relocation of Engage to integrate
with the Group already completed. Engage systems migration is
expected to complete by the end of H1 2025
(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) Excludes net revenue from mothballed US
operations
(4) 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.
(5) 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.
(6) Market expectations as at the date of this
announcement of Net Revenue of £21.0m, Adjusted EBITDA of £4.4m and
Adjusted Profit Before Tax of £3.7m
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 is a digital media,
marketing and technology company. We work with global brand
advertisers like New Balance, SharkNinja and Asus to create digital
media campaigns and social media advertising, and our Sports &
Entertainment practice works with federations and teams such as
FIFA, Real Madrid and New Zealand Rugby.
