Silver Bullet Data Services Group PLC on Wednesday said it was ‘delighted’ with progress made over the first half, as it narrowed its loss and increased revenue.

For the six months ended June 30, the London-based provider of marketing services that use artificial intelligence reported a pretax loss of £1.6 million, narrowed from £1.8 million a year prior.

Loss before interest, tax, depreciation and amortisation narrowed to £900,000 from £1.2 million, while loss per share narrowed to 0.08 pence from 0.10p.

Revenue, meanwhile, rose to £4.4 million from £4.2 million.

‘We are delighted with the continued progress and positioning of the company, as well as our strong revenue growth entering the second half of the year. With the objective of achieving a consistent positive Ebitda run rate, the board took the decision in the first half to focus on higher margin long-term repeatable business and decided to discontinue previous lower margin projects,’ said Chief Executive Ian James.

‘The second half of the year started particularly strongly with new global contracts and, as a result, we have strong visibility on full-year revenues, having already surpassed the total revenue for FY23 by the end of August FY24. At the same time, we continue to carefully manage our investments in talent and operational costs.’

Shares in Silver Bullet Data Services Group were down 5.6% at 72.25 pence each in London on Wednesday afternoon.

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