BRAVE BISON GROUP PLC – FINAL AUDITED RESULTS FOR 2016
March 31st, 2017
Brave Bison Group plc
(“Brave Bison” or “the Group” or “the Company”)
Full year results for the twelve months ended 31 December 2016
Brave Bison Group plc (AIM: BBSN), the independent digital media & social video broadcaster, today announces its audited full year results for the twelve months ended 31 December 2016.
The Group re-branded and changed its name from Rightster Group plc to Brave Bison Group plc on 9 May 2016.
Since the period end on 31 December 2016, the Group continues to trade in line with management expectations.
- ● Net Revenue has increased by 22% to £17.7 million (2015: £14.6 million). Growth was focused in H1 2016 (38% growth versus the same period in 2015), centred around the Euro 2016 football tournament, and slipped in H2 2016 (7% growth versus the same period in 2015)
- ● Gross Profit has risen by 26% to £7.7 million (2015: £6.1 million)
- ● A material share of the revenue growth versus 2015, £4.1 million (128% growth) was from a low margin revenue stream, earning less than 10% Gross Profit. This activity is expected to cease in 2017
- ● EBITDA loss has reduced by 74% to £3.5 million (2015: £13.6 million). This includes the benefit of a £1.4 million foreign exchange gain (2015: £0.2m loss)
- ● Cash outflow from operating activities has reduced by 46% to £4.5 million (2015: £8.3 million)
- ● The Group now has offices in 3 locations (2015: 9)
- ● The Group completed a £10 million fundraise (before expenses) on 6 January 2016
- ● The Group continues its commitment to the APAC region with increased headcount and the formation of a legal entity, Brave Bison Asia Pacific Pte.
- ● Headcount at year-end including contractors has reduced by 44% to 81 (2015: 144)
- ● On 8 January 2017, Ashley MacKenzie resigned from his role as Chief Executive Officer, he remains on the board as a Director
- ● On 30 January 2017 Kevin Deeley, Chief Finance Officer, additionally assumed the responsibilities of Chief Executive Officer. It is intended that he will carry out these responsibilities until the Group appoints a new Chief Executive Officer, the search for which is well underway
- ● In February 2017, the Group’s flagship owned and operated brand “SlashFootball” was opened up to commercial opportunities
- ● In March 2017, the Group opened a dedicated studio space, Yellowstone Studios, to create more content, at a faster pace and at a lower cost
Kevin Deeley, Chief Operating and Finance Officer, commented:
“Brave Bison continues to deliver on the strategy set out by the Board – moving from a third-party technology provider to a social video broadcaster, coupled with a continuous programme of cost efficiency.
Our aim is to create a higher margin business from further content monetisation opportunities and with 2016 investments starting to move the business up the value chain to intellectual property rights ownership.
Today I am particularly pleased to announce the new Brave Bison studio space, Yellowstone Studios, which will enable us to create more content, more quickly and much more cost-effectively. The studio, alongside our recently launched flagship channel, SlashFootball, will support the rapid development of additional owned and operated content in 2017”
For further information please contact:
Brave Bison Group plc
Kevin Deeley (Chief Operating and Finance Officer)
via FTI Consulting
Stockdale Securities Limited
Richard Johnson / Andy Crossley
Tel: 020 7601 6100
Rob Mindell / Charles Palmer
Tel: 020 3727 1000
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Brave Bison obligations under Article 17 of that Regulation.