AGM Statement
H1 2024 trading in line with expectations; Adjusted PBT expected ahead of prior year. SocialChain turnaround progressing.
vs expectations: in line
- Adjusted Profit Before Tax (H1 2024) ahead of prior year
- Mission Group 2023 revenues £86m
- Mission Group 2023 Adjusted EBIT £6.5m
- Mission Group employees at 31 December 2023 over 1,100
- Abort costs from Mission transaction no more than £50k
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Brave Bison, the digital advertising and technology services company, is pleased to provide the following statement ahead of the Company's Annual General Meeting to be held at 10am today.
Trading in the first five months of 2024 has been in line with expectations, and the Board expects to report Adjusted Profit Before Tax for the six-month period ending 30 June 2024 ahead of the prior year.
Brave Bison intends to release a trading update for the half-year period in July 2024, followed by interim results in September 2024.
SocialChain, our social media advertising and influencer marketing practice, has performed particularly well during the period. Several low-margin, pre-acquisition legacy contracts have now ended and been replaced by high value influencer marketing revenue that has transformed the profitability of the practice and cemented the turnaround.
Furthermore, we are pleased to welcome a number of new clients across Brave Bison. New engagements have been agreed with SharkNinja, Yours Clothing, The Travel Corporation, Sony Pictures and Greene King. We continue to have an exciting new business pipeline and have seen activity increase since the start of the year.
Possible Offer for The Mission Group plc
On 13 May 2024, Brave Bison announced it was considering an offer to acquire The Mission Group plc ("Mission") an AIM-listed digital marketing and communications business. In its 2023 financial year, Mission reported revenues of £86m, Adjusted EBIT of £6.5m and had over 1,100 employees at 31 December 2023.
However, the Mission Board did not engage constructively or provide due diligence access, and Brave Bison ultimately walked away from the potential transaction on 9 June 2024. Brave Bison is a disciplined acquirer and is not willing to compromise on diligence criteria or access to key management personnel. Abort costs from the potential transaction are expected to be no more than £50k.
The Board would like to thank Brave Bison's shareholders and dedicated employees for their continued support over the past 12 months, and looks forward to updating further in the scheduled half-year trading update in July 2024.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.