Silver Bullet Data Services Group PLC on Wednesday boasted of strong financial results, driven by its expansion into the US market.
Silver Bullet is a London-based provider of marketing services that use artificial intelligence to help brands better understand the data they collect to improve customer experiences.
Its pretax loss narrowed to £3.5 million in 2023 from £7.5 million in 2022, as revenue jumped 44% to £8.4 million from £5.8 million.
In particular, Silver Bullet’s 4D solution, an AI contextual data platform, increased revenue 85% to £2.8 million from £1.5 million on the back of increased US demand.
Performance was further bolstered by cost reductions, with personnel costs cut to £6.0 million last year from £8.1 million in 2022.
Chief Executive Officer Ian James said: ‘Looking ahead, our post-period end highlights paint a promising picture, with total bookings at approximately £6.2 million and a robust pipeline exceeding £4 million.’
Silver Bullet expects to achieve a positive earnings before interest, taxes, depreciation and amortisation run rate entering the second half of 2024, while generating overall positive operating cash flows in the current year as a whole.
Silver Bullet shares were down 8.0% to 80.50 pence each in London on Wednesday morning.
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