Trading Update
FY23 net revenue £20.8m (+23%), EBITDA £4.3m (+43%), ahead of expectations with net cash of £6.8m.
vs expectations: ahead
- Net Revenue / Gross Profit £20.8m (prior £16.9m)
- Adj. EBITDA £4.3m (prior £3.0m)
- Adj. Profit Before Tax £3.6m (prior £2.6m)
- Net Cash £6.8m (prior £6.2m)
- Adj. EBITDA per Share 0.33p (prior 0.28p)
- Adj. PBT per Share 0.28p (prior 0.24p)
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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
| FY23 (1) | FY22A | Change | |
|---|---|---|---|
| Turnover / Billings (2) | £35.5m | £31.7m | +12% |
| Net Revenue / Gross Profit | £20.8m | £16.9m | +23% |
| Adj. EBITDA (3) | £4.3m | £3.0m | +43% |
| Adj. Profit Before Tax (4) | £3.6m | £2.6m | +38% |
| Adj. PBT per Share | 0.28p | 0.24p | +17% |
| Net Cash | £6.8m | £6.2m | +10% |
- 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
| FY20 | FY21 | FY22 | FY23 (1) | |
|---|---|---|---|---|
| Net Revenue / Gross Profit | £4.0m | £7.8m | £16.9m | £20.8m |
| YoY Growth | n/a | +95% | +117% | +23% |
| Adj. EBITDA (3) | £0.1m | £1.8m | £3.0m | £4.3m |
| YoY Growth | n/a | +1,700% | +67% | +43% |
| Adj. EBITDA per Share | 0.02p | 0.17p | 0.28p | 0.33p |
| YoY Growth | n/a | +921% | +67% | +20% |
| Net Cash | £2.7m | £4.7m | £6.2m | £6.8m |
| YoY Growth | n/a | +74% | +32% | +10% |
- Unaudited, not less than results.
- Turnover / Billings includes pass-through costs such as media spend and revenue share from platforms and partner channels.
- 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.
- 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."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.