Trading Update & Notice of Interim Results
Brave Bison Group Plc (AIM: BBSN), the independent Digital Media & Social Video Broadcaster, today issues a trading update for the period from 01 January 2016 to 30 June 2016, in advance of its 2016 Interim Results, expected to be announced on 31 August 2016.
Following a successful re-structuring and cost management programme, Brave Bison's performance for the first six months of the year is in line with management expectations. The Company has seen notable evidence of progress with both an acceleration of revenues, and narrowing of adjusted EBITDA* loss.
Based on unaudited numbers for the first half of the year:
- Net Revenue has increased by 38% year-on-year from £7.0m to £9.7m
- Adjusted EBITDA* loss has reduced by 84% year-on-year from £5.2m to £0.8m.
- At the end of June 2016, the Group had £8.4 million in cash
*excludes exceptional items, restructuring costs and share-based payments but includes gains and losses on re-translation of foreign currency monetary balances. For the first half of the year these amounted to a £0.8m gain (2015 £0.2m loss).
Ashley MacKenzie, CEO of Brave Bison Group Plc, said: "We are delivering well against our plan and have a growing sense of confidence about the future. The business is undergoing a transformation from a third-party technology provider to a social video broadcaster. Following our recent re-launch as Brave Bison, we are now being recognised as a disruptive global digital media company with intellectual property ownership, social talent and scaled distribution on social platforms as core pillars. This makes Brave Bison an attractive partner for global brands to capture the value of online video."
The Board notes the volatility in the value of the British pound, following the result of the UK referendum on membership of the EU. With approximately 75 per cent of the Group's revenues generated in other currencies the Group's reported results stand to benefit on translation from a weaker British pound. All gains and losses are recognised in profit or loss on translation at the reporting date.
For further information, contact:
Brave Bison Group plc
Kevin Deeley (Chief Operating and Finance Officer)
Richard Johnson / Andy Crossley / Ed Thomas
Tel: 020 7601 6100
FTI Consulting (PR adviser to Brave Bison)
Rob Mindell / Charles Palmer
Tel: 020 3727 1000