August 4, 2020

Interim results for the six months ended 30 June 2020

Investor News

Brave Bison Group plc (AIM: BBSN), the social video group, today announces its unaudited interim results for the six months ended 30 June 2020. 

Highlights 

·    Reduction in revenue to £5.5 million (H1 2019: £10.1 million) and loss before tax of £1.4 million (H1 2019: £1.2 million) as the Group contended with the challenges of the COVID-19 pandemic

·    Appropriate action has been taken swiftly, with annualised cost savings of £1.1 million implemented to date. One off restructuring costs of £0.6 million (H1 2019: £0.4 million) have been incurred. 

·    Adjusted EBITDA1 was a loss of £0.4 million (H1 2019: positive adjusted EBITDA of £0.2 million).  There is an improved outlook on the back of a better than anticipated recovery from June 2020, and given the cost savings the Group is now forecasting to be breakeven on an EBITDA basis in the second half of the year

·    The Group is now led by a new management team and Board following the appointment of Oliver Green as Executive Chairman, Philippa Norridge as Chief Financial Officer and Matthew Law as Non-Executive Director

·    Cash balance as at 30 June 2020 of £2.1 million (30 June 2019: £3.7 million) and no borrowings

·    Acquisition and successful integration of certain assets of The Hook Group Limited (“The Hook”), one of the largest youth-focussed media groups with over 14 million followers across social media including almost 1 million followers on TikTok

·    Significant client wins during the period, including Panasonic, World Dodgeball Federation, IMV Box, Media Star Maker and Viral Press.

·    Successful revenue diversification across social platforms with content now distributed across Snapchat, TikTok, Facebook, Instagram and YouTube

Oliver Green, Executive Chairman, commented:

“The COVID-19 pandemic presented us with a number of commercial and operational challenges which we have dealt with swiftly and effectively. We have a new management team in place, and cost savings have been made to reduce losses. Improved trading in June and July has meant that we now anticipate the Group will breakeven in the second half of the year on an EBITDA basis.

In 2019 we were heavily dependent on Facebook advertising revenue, which cost us when our pages were de-monetised last year. Although most of our Facebook pages have since been remonetised, this year we have increased our diversification, with Snapchat and YouTube now responsible for a larger proportion of our advertising revenue.

Positively, the pandemic has forced a number of advertisers to expedite their shift in spend away from traditional channels, such as TV, and towards digital and social advertising, a trend we are well placed to capitalise on.”

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