Last checked at 11 Jan 2021 07:00
11 January 2021
Brave Bison Group plc
("Brave Bison", the "Company" and together with its subsidiaries the "Group")
Trading Update and Notice of Results
Brave Bison, the social media and marketing group, is pleased to announce that trading in the second half of 2020 has been ahead of both management expectations and the corresponding period from the prior year.
These H2 2020 results mark encouraging progress for Brave Bison, although the Board continues to manage costs carefully in what remains an uncertain economic environment.
For the six-month period to 31 December 2020 (unaudited):
● Adjusted EBITDA (before exceptional items and share based payments)1 is expected to be not less than positive £500k, compared to negative £658k for H2 2019 and ahead of the expectation, reported in the Company's Interim Results announced in July 2020, that the Company would become EBITDA breakeven on the same basis during H2 2020.
● Net cash has increased by £634k from £2.1m in June 2020 to £2.7m as at 31 December 2020.
● Revenue is expected to be not less than £7.2m, an increase of 7% on H2 2019.
● Gross profit is expected to be not less than £2.1m, an increase of 18% compared to the same period last year (H2 2019: £1.8m).
● Monthly staff costs (before bonuses and restructuring) have reduced by 50% from the start of 2020.
● Improved performance has been driven by a combination of new client wins (including Vodafone, BBC, Pernod Ricard, Suntory), strong revenue growth across our Snap and YouTube networks, as well as a much-reduced operating cost base.
The Company announces that it expects to announce its full-year audited results for the year ending 31 December 2020 in April 2021. The Company expects to report full year 2020 revenue of not less than £12.7m, gross profit of not less than £3.9m and EBITDA (before exceptional items and share based payments) of not less than £0.1m.
Oliver Green, Executive Chairman, commented:
"Brave Bison is in a stronger position heading into 2021 than it has been in previous years. We have won new clients, grown gross profits in H2 2020 by 18% (compared to the same period last year) and significantly reduced our operating costs. Our outlook is cautious given the material uncertainty presented by the fallout from the pandemic, but our strong balance sheet will allow us to weather the storm and capitalise on potential opportunities."
This announcement contains inside information as defined in EU Regulation No. 596/2014.
For further information please contact:
Brave Bison Group plc
Oliver Green, Executive Chairman via Cenkos
Cenkos Securities plc Tel: +44 (0)20 7397 8900
Nominated Adviser & Broker
Nicholas Wells
Ben Jeynes
About Brave Bison
Brave Bison is a new-era media and marketing group that specialises in social media. Brave Bison combines a leading social marketing agency and content studio with a media network of over 650 channels and 158m followers. Recent advertising partners include Panasonic, Vodafone, Uniqlo and BBC. The company is headquartered in London with additional offices in Singapore.
1 On a post IFRS 16 basis EBITDA is no longer net of lease rental payments. H2 2020 Adjusted EBITDA on a pre IFRS 16 basis (before exceptional items and share based payments, but after lease rental payments) is expected to be not less than positive £200k, compared to negative £797k for H2 2019.