Brave Bison Group PLC on Monday remained optimistic about its prospects for the rest of the year, after swinging to profit in the first half.
For the six months ended June 30, the London-based digital advertising and technology service provider reported pretax profit of £1.2 million, swinging from a loss of £200,000 a year prior.
Adjusted earnings before interest, tax, depreciation and amortisation were £2.1 million, up 12% from £1.9 million, while adjusted basic earnings per share were 0.14 pence, up 17% from 0.12p.
Net revenue was up 1% to £10.1 million from £10.0 million the previous year.
Reflecting on the half, Brave Bison noted that it had not renewed a number of large, low-margin or loss-making client contracts serviced from New York, and has mothballed operations in the US.
However, it successfully onboarded 15 new clients, including SharkNinja, Primark, Sony Pictures, and Greene King.
‘Our business plan of buying, integrating and growing digital advertising and technology services businesses continues to show traction and we look forward to updating shareholders with further progress at the end of the year,’ said Executive Chair Oliver Green.
Looking ahead, the group expects to exceed current market forecasts for financial 2024, which put net revenue at £21.0 million, and adjusted Ebitda at £4.2 million. Net cash is expected to increase to at least £9 million by the year’s end.
Shares in Brave Bison Group were trading 5.0% lower at 2.42 pence each in London on Monday morning.
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