Trading Update
H1 FY24 adjusted profit before tax up 20% to £1.8m, net cash up 58% to £6.8m.
- Net Revenue £10.1m (prior £10.0m)
- Adj. EBITDA £2.1m (prior £1.9m)
- Adj. Profit Before Tax £1.8m (prior £1.5m)
- Net Cash £6.8m (prior £4.3m)
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Brave Bison, the digital advertising and technology services company, today provides a trading update for the six-month period ended 30 June 2024.
Financial Highlights
| Unaudited (stated on a not less than basis) | H1 FY24 | H1 FY23 | % Change | FY23 |
|---|---|---|---|---|
| Net Revenue | £10.1m | £10.0m | +1% | £20.9m |
| Adj. EBITDA (1) | £2.1m | £1.9m | +12% | £4.3m |
| Adj. Profit Before Tax (2) | £1.8m | £1.5m | +20% | £3.6m |
| Net Cash | £6.8m | £4.3m | +58% | £6.8m |
Note: Small apparent errors due to rounding
Outlook
- The Board remains comfortable with current market expectations for the FY24 full year, and notes that Brave Bison typically benefits from a second-half weighting as a result of seasonally higher digital media rates
- Cash inflow in H2 2024 is expected to exceed £2.0m, driven by large customer receipts in July and August and further anticipated operating profits
- SocialChain continues to perform well, with new client revenue being delivered at higher margins as a result of successful integration and resource management across Brave Bison
Oliver Green, Executive Chairman of Brave Bison, commented:
"We are pleased to report strong underlying performance in the first half of the year and remain confident that momentum will build as we head towards peak trading at the end of 2024. With SocialChain now fully integrated into the Brave Bison platform, our proposition to advertisers connects content, data and technology and allows us to run campaigns across the marketing funnel from brand through to performance.
Our strong balance sheet and net cash position will allow us to invest further into the business which is well primed for growth in an AI-driven and increasingly complex digital world."
- 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.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.