Brave Bison Group (BBSN) H1 2024 earnings summary

Executive summary

• Adjusted profit before tax rose 20% year-over-year to GBP 1.8 million for H1 2024, with trading ahead of expectations and operational improvements from Social Chain integration.

• Net revenue was flat at GBP 10.1 million, but underlying business (excluding exited/mothballed contracts) grew 7% year-over-year.

• Net cash increased 57% year-over-year to GBP 6.8 million, with projections to exceed GBP 9 million by year-end.

• 15 new client wins in H1, including global brands like SharkNinja, Primark, Sony Pictures, and The Travel Corporation.

• Launched AudienceGPT and Future Fit, expanding AI-driven and consultancy offerings.

Financial highlights

• Adjusted basic EPS increased 17% year-over-year to 0.14p.

• Statutory profit before tax was GBP 1.2 million, reversing a loss of GBP 0.2 million in H1 2023.

• Adjusted EBITDA increased 12% year-over-year to GBP 2.1 million.

• Adjusted PBT margin improved to 18% from 15.2% in H1 2023.

• EBITDA forecast for FY 2024 is GBP 4.4 million, with adjusted PBT at GBP 3.6 million.

Outlook and guidance

• Full-year results expected to exceed previous market forecasts, with strong performance in Performance and Social Chain units.

• Net cash projected to reach at least GBP 9 million by year-end, with significant H2 inflow anticipated.

• FY24 guidance: net revenue GBP 21.0 million, adjusted EBITDA GBP 4.4 million, adjusted PBT GBP 3.6 million.

• Medium-term organic growth target set at 10-15%.

• Continued focus on selective acquisitions and bolt-on opportunities.