April 28, 2021

Final Results

Brave Bison Group plc (AIM: BBSN), the social media and marketing group, today announces its audited results for the year ended 31 December 2020.

Financial Highlights

  • 2020 Adjusted EBITDA* profit of £0.1 million, compared to £0.4 million loss in 2019
  • H2 2020 Adjusted EBITDA* profit of £0.5 million, compared to £0.7 million loss in H2 2019, the result of a successful restructuring and repositioning
  • 2020 Revenue of £14.5 million, compared to £16.8 million in 2019
  • 2020 Gross profit of £4.0 million, compared to £5.2 million in 2019
  • H2 2020 Gross profit of £2.1 million, an increase of 19% compared to £1.8 million in 2019
  • 2020 Revenue generated from advertising was £13.1 million, compared to £12.4 million in 2019, an increase of 6% despite COVID-related disruption
  • Net cash balance of £2.7 million at 31 December 2020
  • Positive cashflow of £0.6 million in H2 2020

Operational Highlights

  • Appointment of new management team and Board during the period following the appointment of Oliver Green as Executive Chairman, Philippa Norridge as Chief Financial Officer, Theo Green as Director of Growth and Matthew Law as Non-Executive Director
  • The Group has been repositioned around 3 core pillars: a social marketing agency, a network of YouTube channels, and a portfolio of social first media brands
  • Rationalisation completed to align with refined Group proposition and reduce cost base, with monthly staff costs (before bonuses and restructuring costs) reduced by 50% from the start of 2020
  • Acquisition and successful integration of certain assets of The Hook Group Limited (“The Hook”), one of the largest youth-focused media groups with over 14 million followers across social media including almost 1 million followers on TikTok
  • New client wins including Panasonic, Vodafone, BBC, Pernod Ricard, IMV Box and World Dodgeball Federation. Multi-year contract extensions with PGA Tour, Link Up TV and Alofoke Radio
  • Successful revenue diversification across social platforms with content now distributed across Snapchat, TikTok, Facebook, Instagram and YouTube

Current Trading and Outlook

The Board is pleased to report that, following the restructuring carried out in 2020, the Group has been profitable on an adjusted EBITDA* basis for the last 7 months. Trading in the first quarter of FY21 has been strong. This is encouraging given that, historically, the first quarter has been the most challenging period in the year due to the reduction in advertising revenues after the busy Christmas period. Looking to the year ahead, the Board is optimistic about the prospects for the Group and is confident in the delivery of performance in line with current market expectations.

Availability of Annual Report

The Company’s Annual Report and Accounts for the financial year ended 31 December 2020 is available here.

Commenting on the results, Oliver Green, Executive Chairman of Brave Bison Group plc, said:

Brave Bison ended 2020 in a stronger position than it started. With a refreshed management team, a refined proposition and a streamlined operating model our Group now has a robust platform to build a profitable and scalable business in the social media and marketing space. I am excited at what the future holds and look forward to updating shareholders on progress at our interim period and throughout the rest of the year.”