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Brave Bison Group PLC on Wednesday said half-year revenue increased, but swung to a pretax loss when accounting for acquisition costs and other expenses. The London-based social and digital media company, which provides advertising and technology services, swung to a statutory pretax loss of £244,000 from a £1.0 million profit the year before. However, the firm said adjusted pretax profit increased 14% to £2.5 million from £1.3 million. Brave Bison said its adjusted profit excluded £810,000 in acquisition costs and £626,000 in restructuring costs, as well as amortisation, impairment and share-based payments. The acquisition costs related to fees associated with Brave Bison’s purchase of Manchester-based marketing agency Social Chain Ltd in February. ‘The core Brave Bison business has performed in-line with our expectations,’ Executive Chair Oliver Green commented, ‘and the turnaround of Social Chain is showing encouraging progress with a number of recent customer wins including national brands such as Asda, The Army and Holland & Barrett.’ Revenue increased 15% in the half year to £16.9 million from £14.7 million. Adjusted earnings before interest, tax, depreciation and amortisation rose by 20% to £1.9 million from £1.6 million, while Brave Bison’s cash balance at June 30 was £4.5 million, down 17% from £5.4 million at the same time one year prior. Cost of sales increased 4.5% to £6.9 million, and administration expenses increased 44% to £10.2 million. Looking ahead, Brave Bison expects its full-year results to be in line with its expectations. This includes net cash of over £6 million at the end of the year. It added that trading in the current half year is ‘showing a meaningful improvement...driven by the positive impact from the Social Chain acquisition and integration’. Executive Chair Oliver Green said he was ‘pleased to report a period of stable profitability despite a difficult macroeconomic backdrop.’ Brave Bison shares were down 4.1% at 2.33 pence in London on Wednesday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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