Source - LSE Regulatory
RNS Number : 3301D
Brave Bison Group PLC
09 September 2024
 

 

9 September 2024

 

Brave Bison Group plc

 

("Brave Bison" or the "Company", together with its subsidiaries "the Group")

 

Interim Results

 

20% increase in adjusted profit before tax

 

FY24 trading ahead of market expectations

 

Brave Bison, the digital advertising and technology services company, today reports its unaudited interim results for the six months ended 30 June 2024.

 

Commenting on the results, Oliver Green, Executive Chairman, said:

 

"We are pleased to report strong trading in the first half of the year and expect momentum to build as we approach the last few months of FY24. With adj. EBITDA of £2.1m in H1, an increase of 20% YoY, we expect to deliver results ahead of market expectations. Our business plan of buying, integrating and growing digital advertising and technology services businesses continues to show traction and we look forward to updating shareholders with further progress at the end of the year."

 

Financial Highlights

 

Unaudited

H1 2024

H1 2023

Change

FY23






Net Revenue / Gross Profit

£10.1m

£10.0m

+1%

£20.9m

Adj. Net Revenue (1)

£10.0m

£9.3m

+7%

£19.5m

Adj. EBITDA (2)

£2.1m

£1.9m

+12%

£4.3m

Adj. Profit Before Tax (3)

£1.8m

£1.5m

+20%

£3.6m

Adj. Basic EPS (4)

0.14p

0.12p

+17%

0.29p

Profit Before Tax

£1.2m

(£0.2m)

n/a

£1.1m

Net Cash excl. Lease Liabilities

£6.8m

£4.3m

+57%

£6.8m

Small apparent errors due to rounding

 

(1)   Adj. Net Revenue excludes net revenue from mothballed operations

(2)   Adj. EBITDA is defined as earnings before interest, taxation, depreciation and amortisation, and after adding back acquisition costs, restructuring costs and share-based payments. Under IFRS16 most of the costs associated with the Company's property leases are classified as depreciation and interest, therefore Adj. EBITDA is stated before deducting these costs.

(3)   Adj. Profit Before Tax is stated after adding back acquisition costs, restructuring costs, impairments, amortisation of acquired intangibles and share-based payments, and is after the deduction of costs associated with property leases.

(4)   Adj. Profit Before Tax divided by the weighted average number of ordinary shares in issue

 

·      Adj. EBITDA of £2.1m (H1 2023: £1.9m) and Adj. Profit Before Tax of £1.8m (H1 2023: £1.5m), a year-on-year increase of 12% and 20%, respectively

 

·      Net revenue / gross profit of £10.1m (H1 2023: £10.0m)

 

·      Brave Bison did not renew a number of large, low margin / loss-making client contracts serviced from New York and has mothballed operations in the US. Excluding these mothballed operations, net revenue grew by 7% year-on-year on a like-for-like basis

 

·      Statutory profit before tax of £1.2m (H1 2023: loss of £0.2m). Exceptional costs associated with the acquisition, restructuring and integration of SocialChain were mostly contained in FY23

 

·      Net cash, excluding lease liabilities, of £6.8m at 30 June 2024 (31 December 2023: £6.8m, 30 June 2023: £4.3m), an increase of 58% year-on-year and flat over the period. Cash inflow of at least £2m is expected in H2 2024 as a result of large customer receipts and higher trading profits

 

·      Adj. basic EPS for the period of 0.14p (H1 2023: 0.12p), a 17% increase year-on-year. There was no material share issuance during the period

 

Strategic Highlights

 

·      Brave Bison won and onboarded a record 15 new clients during the period, including SharkNinja, Primark, Sony Pictures, Yours Clothing, Greene King, Seasalt Cornwall, Reed, HSS and The Travel Corporation

 

·      As announced in June 2024, the Board chose not to proceed with an offer for The Mission Group plc. Abort costs from the potential transaction amounted to £33k

 

·      Launch of AudienceGPT, a tool that uses artificial intelligence to create audience data for media planning. Take up from new and existing clients has been encouraging

 

·      Launch of FutureFit, a new consultancy offering that brings together talent and capabilities from Brave Bison Performance, Commerce and SocialChain to build custom solutions combining media, creative and technology to drive client growth

 

·      Consolidation of office property into two principal locations across London and Manchester. Brave Bison has entered into two new leases with lower occupational costs and minimal capex incurred

 

·      Organised four live in-person events with hundreds of attendees during the period: two editions of SocialMinds Live, a conference for social media marketers; the UK's first Composable Commerce Summit, an event for technology partners and clients building ecommerce systems; and AudienceGPT at MAD//Fest, the debut of our new technology product at a media and advertising conference

 

Trading Update & Outlook

 

·      The Board expects to exceed current market forecasts (1) for FY24 as a result of better than anticipated trading at Brave Bison Performance and increased profitability at SocialChain

 

·      Net cash is expected to increase to at least £9m by year end

 

(1)   Cavendish Capital Markets research dated 22 July 2024. FY24 net revenue of £21.0m, Adj. EBITDA of £4.2m and Adj. PBT of £3.2m

 

For further information please contact:

 

Brave Bison Group plc

Oliver Green, Executive Chairman                                                           via Cavendish

Theo Green, Chief Growth Officer

Philippa Norridge, Chief Financial Officer

 

Cavendish Capital Markets                                                                   Tel: +44 (0) 20 7220 0500

Nominated Adviser & Broker

Ben Jeynes

Dan Hodkinson

 

About Brave Bison

 

Brave Bison (AIM: BBSN) is a media, marketing and technology company purpose built for the digital era. Headquartered in London with a globally distributed work across eight countries, the company's unique position as both a digital media owner and a marketing technology partner to brands allows it to own and operate its own channels and communities while providing clients with a comprehensive suite of advertising and technology services to reach digital audiences.

 

Brave Bison's clients are serviced through four practices: Brave Bison Performance, Brave Bison Commerce, Brave Bison Media Network and Social Chain.

 

Each is an industry leader in its field, providing digital advertising, technology, creative and commerce services to renowned global brands such as New Balance, Shark Ninja, and Linkedin. These practices work independently and together to capitalise on the complexity that defines the modern marketing landscape by building custom digital media and technology solutions that keep clients ahead of competitors.

 

Financial & Strategic Review

 

The focus for the first half of 2024 has been twofold: operational excellence and business growth. Operational excellence is the practice of implementing new systems and processes to increase the profitability of our operations, and that improve client and staff satisfaction across the company. Business growth involves increasing revenue by expanding engagements with existing clients, winning new clients, launching new capabilities and making acquisitions.

 

Operational Excellence

 

The focus on operational excellence has delivered tangible results during the period. On flat net revenue of £10.1m (H1 2023: £10.0m), Brave Bison recorded Adj. EBITDA of £2.1m (H1 2023: £1.9m) and Adj. Profit Before Tax of £1.8m (H1 2023: £1.5m), a year-on-year increase of 12% and 20%, respectively. With underlying margins approaching 18-20%, Brave Bison is now beginning to operate within its medium-term target range. Our investment into senior leadership and public company listing costs means that Brave Bison will benefit from high levels of operational gearing as Net Revenue increases.

 

Statutory Profit Before Tax of £1.2m (H1 2023: loss of £0.2m) also showed a significant improvement year-on-year. The primary reason for this is that the bulk of the adjusting items associated with the acquisition of SocialChain (namely professional fees, fundraising fees, termination payments etc.) were contained in 2023. There were £0.2m of restructuring and acquisition costs (H1 2023: £1.4m) recorded in the period, which relate to the final elements of the SocialChain integration, leases and software contracts, as well as costs relating to corporate reorganisation of Brave Bison Commerce to reflect the evolving technological skill sets required within this business unit.

 

Brave Bison uses a professional services automation platform to centralise all resource management and hiring. Timesheets are completed by billable staff, and the business has visibility on profitability by service line, by client, by department and by person. Client engagements are planned by a centralised operations team and hiring decisions are made on the basis of committed and weighted revenue. Further, resource from different offices or services can be shared across the different parts of the business based on availability and client demand.

 

An analysis of the profit before tax is shown below:

 

£'000

H1 FY24

H1 FY23

Adj. EBITDA

2,127

1,893

Finance income

128

70

Finance costs

(96)

(105)

Depreciation

(333)

(336)

Adj. Profit Before Tax

1,826

1,522

Adjusting Items:



Acquisition Costs

33

810

Restructuring Costs

193

626

Amortisation of Acquired Intangibles

194

114

Impairment of Brand Name

-

26

Share Based Payments

230

190

Profit Before Tax

1,176

(244)

 

Business Growth

 

We are confident that we have a winning customer proposition in the market, and the evidence of this has been a record number of new business engagements in the first half with global clients including SharkNinja, Sony Pictures, Reed and The Travel Corporation. These clients have engaged Brave Bison due to our differentiated proposition and our ability to combine strategic consultancy with experienced execution.

 

During the period Brave Bison did not renew a number of significant, low margin and loss-making client engagements serviced from our New York hub. As a result, the operations in the US have been mostly minimised which distorts the year-on-year comparison in Net Revenue. Adjusting for these mothballed operations, net revenue in the first half of 2024 grew 7% when compared to the prior year.

 

Turnover / billings decreased from £16.9m in H1 2023 to £15.6m in H1 2024. We do not look at this metric as a management KPI as it is inflated by pass through costs such as client media spend, as well as revenue share pass through payments on the media channels we manage for our partners. It is therefore distorted by factors which have little impact on the profitability or management of the business.

 

We have won a number of new clients by developing our capabilities and leading with a more consultative and strategic approach. H1 2024 saw the launch of AudienceGPT, a media planning tool that uses artificial intelligence models to create marketing personas for the purpose of media planning. The insights we receive from these 'silicon audiences' have shown to be indistinguishable from what we see in real life, and this enables us to be more efficient for our clients by testing strategies faster, and ultimately buying media more effectively and improving returns.

 

AudienceGPT follows Scribe, our copywriting bot that uses artificial intelligence to generate product descriptions, as the second proprietary tool Brave Bison has developed over the last two years. These proprietary tools underpin our technology-enabled approach to marketing services and ultimately drive better results for our clients and client retention for our business.

 

We have been particularly active marketing our proposition through live, in-person events. These events give us the opportunity to meet face-to-face with existing and prospective clients, and we often invite partners and sponsors from the relevant ecosystem to present alongside our business leaders, increasing the value of the content for our attendees. Our most successful series is SocialMinds Live, an extension of our popular podcast series. The SocialMinds podcast achieves 6,000 monthly downloads, and our events in H1 2024 saw over 300 professionals attend to hear from marketing leaders from advertisers such as Oatly, American Express, Monzo, Pinterest, LinkedIn as well as our own SocialChain.

 

The Board is keen to grow Brave Bison through accretive acquisitions and we dedicate a significant amount of time to building relationships and evaluating targets. On 13 May 2024, Brave Bison announced it was considering an offer to acquire The Mission Group plc ("Mission"), an AIM-listed digital marketing and communications business. In its 2023 financial year, Mission reported revenues of £86m, adj. EBIT of £6.5m and had over 1,100 employees at 31 December 2023. The scale of this potential acquisition would have amounted to a transformational reverse takeover.

 

However, the Mission Board did not engage constructively or provide due diligence access, and Brave Bison ultimately walked away from the potential transaction on 9 June 2024. Brave Bison is a disciplined acquirer and is not willing to progress an acquisition unless it meets our strict requirements for risk and growth in shareholder value.

 

Net cash, excluding lease liabilities, at the period end was £6.8m (H1 2023: £4.3m, H2 2023: £6.8m). We would normally expect to have been cash generative in the first half of the year, however, customer receipts totalling £0.9m were delayed due to client contractual negotiations and received in early July.  We anticipate being significantly cash generative in H2 2024, with net cash at the period end expected to be at least £9m.

 

The investments made by the Company during 2023 are bearing fruit, we are optimistic for the year ahead and our platform is primed for both organic and inorganic growth. Brave Bison has a strong and increasing net cash position, and the Board has a track record in acquiring and integrating businesses on an accretive basis.

 

On behalf of the Board

Oliver Green

Chairman

9 September 2024

 

BRAVE BISON GROUP PLC

CONDENSED CONSOLIDATED INCOME STATEMENT AND CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2024



(unaudited)

(unaudited)

(audited)



6 months to

6 months to

Year to 31


Note

30 June

 2024

30 June

 2023

December

 2023



£000's

£000's

£000's






Revenue

3

15,582

16,902

35,704






Cost of sales


(5,459)

(6,877)

(14,802)

Gross profit / Net revenue


10,123

10,025

20,902






Administration expenses


(8,979)

(10,234)

(19,847)

Operating (loss)/profit


1,144

(209)

1,055






Finance income


128

70

198

Finance costs


(96)

(105)

(143)

Profit(loss) before tax


1,176

(244)

1,110

 





Analysed as





Adjusted EBITDA


2,127

1,893

4,277

Finance income


128

70

198

Finance costs


(96)

(105)

(143)

Depreciation


(333)

(336)

(694)

Adjusted profit before tax


1,826

1,522

3,638

Restructuring costs


(193)

(626)

(832)

Acquisition costs


(33)

(810)

(847)

Impairment charge


-

(26)

(26)

Amortisation of acquired intangibles


(194)

(114)

(388)

Equity settled share based payments


(230)

(190)

(435)

Profit/(loss) before tax


1,176

(244)

1,110

 





Income tax credit


43

17

2,279

Profit/(loss) attributable to equity holders of the parent


1,219

(227)

3,389

 

Statement of Comprehensive Income





Profit/(loss) for the period/year


1,219

(227)

3,389

Items that may be reclassified subsequently to profit or loss





Exchange (loss)/gain on translation of foreign subsidiaries


(9)

(10)

(2)

Total comprehensive profit/(loss) for the period/year attributable to owners of the parent


 

1,210

 

(237)

3,387

 

Profit per share (basic and diluted)





Basic profit/(loss) per ordinary share (pence)

5

0.09p

(0.02p)

0.27p

Diluted profit/(loss) per ordinary share (pence)

5

0.09p

(0.02p)

0.25p

 

 

 

 

 

 

 

BRAVE BISON GROUP PLC

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2024



(unaudited)

(unaudited)

(audited)


Note

At

30 June

2024

At

30 June

2023

At 31

December 2023



£000's

£000's

£000's

 





Non-current assets





Intangible assets

6

12,467

12,592

12,661

Property, plant and equipment

7

2,176

815

2,210

Deferred tax asset


2,183

48

2,183



16,826

13,455

17,054






Current assets





Trade and other receivables


7,389

7,032

6,523

Cash and cash equivalents


6,889

4,453

6,920



14,278

11,485

13,443






Current liabilities





Trade and other payables


(8,333)

(8,468)

(8,860)

Bank Loans <1 year

12

(19)

(14)

(10)

Lease Liabilities

9

(211)

(270)

(212)



(8,563)

(8,752)

(9,082)






Non-current liabilities





Lease Liabilities

9

(1,605)

(31)

(1,487)

Deferred tax liability


(632)

(411)

(674)

Bank loan >1 year

12

(110)

(144)

(143)

Provisions for liabilities


(159)

(877)

(516)



(2,506)

(1,463)

(2,820)



 

 

 

Net assets


20,035

14,725

18,595

 





Equity





Share capital

8

1,288

1,287

1,288

Share premium


89,095

89,095

89,095

Capital redemption reserve


6,660

6,660

6,660

Merger reserve


(24,060)

(24,060)

(24,060)

Merger relief reserve


62,624

62,624

62,624

Retained deficit


(115,728)

(121,038)

(117,177)

Translation reserve


156

157

165

Total equity


20,035

14,725

18,595






 





 





 

 



 

BRAVE BISON GROUP PLC

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 June 2024


(unaudited)

(unaudited)

(audited)


6 months to

6 months to

Year to 31


30 June  2024

30 June  2023

December  2023


£000's

£000's

£000's

Operating activities




Profit/(loss) before tax

1,176

(244)

1,110

Adjustments:




Depreciation, amortisation and impairment

527

476

1,108

Finance income

(128)

(70)

(198)

Finance costs

96

105

143

Share based payment charges

230

190

435

(Increase)/decrease in trade and other receivables

(866)

1,478

2,252

(Decrease)/increase in trade and other payables

(885)

(3,104)

(3,076)

Tax received

-

265

49

Cash inflow/(outflow) from operating activities

150

(904)

1,823





Investing activities




Acquisition of subsidiaries

-

(4,756)

(4,756)

Net cash acquired on acquisition

-

(27)

(27)

Purchase of property, plant and equipment

(70)

(23)

(156)

Interest received

128

70

198

Cash inflow/(outflow) from investing activities

58

(4,736)

(4,741)





Cash flows from financing activities




Issue of share capital

-

4,750

4,750

Interest paid

(96)

(105)

(143)

Repayment of borrowings

(24)

(628)

(634)

Repayment of lease liability

(110)

(399)

(619)

Cash (outflow)/inflow from financing activities

(230)

3,618

(3,355)





Net change in cash and cash equivalents

(22)

(2,022)

437





Movement in net cash




Cash and cash equivalents, beginning of period

6,920

6,485

6,485

(Decrease)/increase in cash and cash equivalents

(22)

(2,022)

437

Movement in foreign exchange

(9)

(10)

(2)

Cash and cash equivalents, end of period

      6,889

4,453

6,920

 




BRAVE BISON GROUP PLC

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2024


 

Share

capital

Share

premium

Capital redemption

reserve

 

Merger reserve

 

Merger relief reserve

 

Translation

reserve

Retained

deficit

Total

equity


£000's

£000's

£000's

£000's

£000's

£000's

£000's

£000's

At 1 January 2023 (audited)

1,081

84,551

6,660

(24,060)

62,624

167

(121,001)

10,022

Shares issued during the period

206

4,544

-

-

-

-

-

4,750

Equity settled share based payments

-

-

-

-

-

-

190

190

Transactions with owners

206

4,544

-

-

-

-

190

4,940

Other Comprehensive Income









Profit and total comprehensive income for the period

-

-

-

-

-

(10)

(227)

(237)

At 30 June 2023 (unaudited)

1,287

89,095

6,660

(24,060)

62,624

157

(121,038)

14,725

At 1 January 2023 (audited)

1,081

84,551

6,660

(24,060)

62,624

167

(121,001)

10,022

Shares issued during the year

207

4,544

-

-

-

-

-

4,751

Equity settled share based payments

-

-

-

-

-

-

435

435

Transactions with owners

207

4,544

-

-

-

-

435

5,186

Other Comprehensive Income

 

 







Profit and total comprehensive income for the period

-

-

-

-

-

(2)

3,389

3,387

At 31 December 2023 (audited)

1,288

89,095

6,660

(24,060)

62,624

165

(117,177)

18,595

At 1 January 2024 (audited)

1,288

89,095

6,660

(24,060)

62,624

165

(117,177)

18,595

Shares issued during the period

-

-

-

-

-

-

-

-

Equity settled share based payments

-

-

-

-

-

-

230

230

Transactions with owners

-

-

-

-

-

-

230

230

Other Comprehensive Income

 

 







Profit and total comprehensive income for the period

-

-

-

-

-

(9)

1,219

1,210

At 30 June 2024 (unaudited)

1,288

89,095

6,660

(24,060)

62,624

156

(115,728)

20,035


BRAVE BISON GROUP PLC

NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2023

 

1        General information

 

The information for the year ended 31 December 2023 does not constitute statutory accounts as defined in section 435 of the Companies Act 2006.  A copy of the statutory accounts has been delivered to the Registrar of Companies.  The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.  The interim financial statements have not been audited or reviewed by the Group's auditor.

 

 

2        Accounting policies

 

Basis of preparation

The annual financial statements of Brave Bison Group plc are prepared in accordance with IFRS as adopted by the European Union.  The condensed set of financial statements included in this half yearly report has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting", as adopted by the European Union.

 

The interim statement has been prepared on a going concern basis, which assumes that the Group will be able to meet its liabilities for the foreseeable future. The Group is dependent for its working capital requirements on cash generated from operations, cash holdings and from equity markets. The cash holdings of the Group at 30 June 2024 were £6.9 million.

 

The Directors have prepared detailed cash flow projections ("the Projections") which are based on their current expectations of trading prospects. The board forecasts that the Group will achieve positive cash inflows in the second half of 2024 and 2025. Accordingly, the Directors have concluded that it is appropriate to continue to adopt the going concern basis in preparing these financial statements.  The Directors are confident that the Group's forecasts are achievable, and are committed to taking any actions available to them to ensure that any shortfall in forecast revenues is mitigated by cost savings.

 

The Directors also continue to maintain rolling forecasts which are regularly updated.

 

 

Significant accounting policies

The accounting policies applied by the Group in this condensed set of consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2023.

 

Other pronouncements

 

Other accounting pronouncements which have become effective from 1 January 2024 and therefore have been adopted do not have a significant impact on the Group's financial results or position.

3        Segment reporting

 

The Group has identified three geographic areas (United Kingdom & Europe, Asia Pacific and Rest of the world) and the information is presented based on the customers' location.

 

Geographic reporting

The information is presented based on the customers' location.





(audited)



(unaudited)

(unaudited)

12 months



6 months ended

June 2024

6 months ended

June 2023

 ended 31

December

 2023



£000's

£000's

£000's






United Kingdom & Europe


14,141

14,844

31,558

Asia Pacific


49

212

82

Rest of the World


1,392

1,846

4,064

Total Revenue


15,582

16,902

35,704

 

 

 

 

 

 

The Group identifies two revenue streams, advertising and fee based services, which correspond to the Media Network and Digital Advertising and Technology Services pillars respectively. The analysis of revenue by each stream is detailed below.

 





(audited)



(unaudited)

(unaudited)

12 months



6 months ended

June 2024

6 months ended

June 2023

 ended 31

December

 2023

Revenue


£000's

£000's

£000's






Advertising


4,333

5,015

10,079

Fee based services


11,249

11,887

25,625

Total revenue


15,582

16,902

35,704

 

 

 

 





(audited)



(unaudited)

(unaudited)

12 months



6 months ended

June 2024

6 months ended

June 2023

 ended 31

December

 2023

Gross profit


£000's

£000's

£000's






Advertising


1,329

1,313

2,753

Fee based services


8,794

8,712

18,149

Total gross profit


10,123

10,025

20,902

 

Timing of revenue recognition

The following table includes revenue from contracts disaggregated by the timing of recognition.

 





(audited)



(unaudited)

(unaudited)

12 months



6 months ended

June 2024

6 months ended

June 2023

 ended 31

December

 2023



£000's

£000's

£000's






Products and services transferred at a point in time


4,333

5,025

10,077

Products and services transferred over time


11,249

11,877

25,627

Total revenue


15,582

16,902

35,704

 

 

4        Restructuring

 





(audited)



(unaudited)

(unaudited)

12 months



6 months ended

June 2024

6 months ended

June 2023

 ended 31

December

 2023



£000's

£000's

£000's






Restructuring costs


             193

       626

832

 

Restructuring costs in 2023 relate to corporate reorganisation activities as a result of the acquisition of SocialChain. Restructuring costs in 2024 relate to the final elements of this relating to staff costs, leases and software contracts, as well as some costs relating to corporate reorganisation of Brave Bison Commerce to reflect the evolving technological skill sets required within this business unit.

 

 

 

5        Earnings per share

 

Both the basic and diluted earnings per share have been calculated using the profit after tax attributable to shareholders of Brave Bison Group plc as the numerator, i.e. no adjustments to profits were necessary in 2023 or 2024. The calculation of the basic earnings per share is based on the profit attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year.




(audited)


(unaudited)

(unaudited)

12 months


6 months ended

June 2024

6 months ended

June 2023

 ended 31

December

 2023





Weighted average number of ordinary shares

1,288,147,280

1,249,684,604

1,268,816,088

Dilution due to share options

91,483,392

73,926,266

96,616,725

Total weighted average number of ordinary shares

1,379,630,672

1,323,610,870

1,365,477,813





Basic profit/(loss) per ordinary share (pence)

0.09p

(0.02p)

0.27p

Diluted profit/(loss) per ordinary share (pence)

0.09p

(0.02p)

0.25p

Adjusted basic profit per ordinary share (pence)

0.14p

0.12p

0.29p

Adjusted diluted profit per ordinary share (pence)

0.13p

0.11p

0.27p








(audited)


(unaudited)

(unaudited)

12 months


6 months ended

June 2024

6 months ended

June 2023

 ended 31

December

 2023


£000's

£000's

£000's









Profit/(loss) for the year attributable to ordinary shareholders

1,219

(227)

3,389





Equity settled share based payments

230

190

435

Restructuring costs

193

626

832

Acquisition costs

33

810

847

Impairment charge

-

26

26

Amortisation of acquired intangibles

194

114

388

Tax credit

(43)

(17)

(2,279)

Adjusted operating profit for the period attributable to the equity shareholders

1,826

1,522

3,638





 

6        Intangible Assets



Goodwill

Online Channel Content

Technology

 

 

Brands

Customer Relation-ships

Total



£000's

£000's

£000's

£000's

£000's

£000's

Cost








At 30 June 2023


46,399

2,034

5,213

755

20,819

75,220

Additions


-

-

-

-

-

-

Reallocation of Goodwill


(1,222)

-

-

364

1,201

343

At 31 December 2023


45,177

2,034

5,213

1,119

22,020

75,563









Additions


-

-

-

-

-

-

Reallocation of Goodwill


-

-

-

-

-

-

At 30 June 2024


45,177

2,034

5,213

1,119

22,020

75,563









Amortisation and impairment












At 30 June 2023


35,075

1,975

5,213

755

19,610

62,628

Charge for the period


-

16

-

67

191

274

Impairment charge


-

-

-

-

-

-



 

 

 

 

 

 

At 31 December 2023


35,075

1,991

5,213

822

19,801

62,902









Charge for the period


-

17

-

36

141

194

Impairment charge


-

-

-

-

-

-

At 30 June 2024


35,075

2,008

5,213

858

19,942

63,096









Net Book Value








 








At 30 June 2023


11,324

59

-

-

1,209

12,592









At 31 December 2023


10,102

43

-

297

2,219

12,661









At 30 June 2024


10,102

26

-

261

2,078

12,467









 

7          Property, plant and equipment

 


Right of Use asset

Leasehold Improvement

Computer Equipment

Fixtures &

 Fittings

Total


£000's

£000's

£000's

£000's

£000's

Cost






At 30 June 2023

1,032

279

315

27

1,653

Additions

1,606

76

73

4

1,759

Disposals

(719)

(3)

(2)

-

(724)

At 31 December 2023

1,919

352

386

31

2,688


 

 

 

 

 

Additions

282

4

66

-

352

Disposals

(301)

-

-

-

(301)

At 30 June 2024

1,900

356

452

31

2,739







Depreciation and impairment






At 30 June 2023

697

33

102

6

838

Charge for the period

263

28

68

5

364

Disposals

(719)

(3)

(2)

-

(724)

At 31 December 2023

241

58

168

11

478


 

 

 

 

 

Charge for the period

220

43

65

5

333

Disposals

(248)

-

-

-

(248)

At 30 June 2024

213

101

233

16

563


 

 

 

 

 

Net Book Value






At 30 June 2023

335

246

213

21

815

 






At 31 December 2023

1,678

294

218

20

2,210

 






At 30 June 2024

1,687

255

219

15

2,176

 

Included in the net carrying amount of property, plant and equipment are right-of-use assets as follows:




(audited)


(unaudited)

(unaudited)

12 months


6 months ended

June 2024

6 months ended

June 2023

 ended 31

December

 2023


£000's

£000's

£000's





Right-of-use-asset

1,687

335

1,678

Total right-of-use asset

1,687

335

1,678

 

8        Share capital

 

7       

8        Ordinary share capital


At 30 June 2024



Number

£000's





Ordinary shares of £0.001

1,288,147,280

1,288




Total ordinary share capital of the Company

 

1,288




 

Rights attributable to ordinary shares

The holders of ordinary shares are entitled to receive notice of and attend and vote at any general meeting of the Company.

 

           

9        Leases

 

Lease liabilities are presented in the statement of financial position as follows:



(unaudited)

(unaudited)

(audited)



At

30 June

2024

At

30 June

2023

At 31

December 2023



£000's

£000's

£000's






Current


211

270

212

Non-current


1,605

31

1,487



1,816

301

1,699

 

During the period, four office leases expired. The Group entered into two new office leases which expire in June 2026. With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and a corresponding lease liability.

 

The table below describes the nature of the Group's leasing activities by type of right-of-use asset recognised on the statement of financial position:

 

 

No. of right-of-use assets leased

Range of remaining term

Average remaining lease term

No. of leases with extension options

No. of leases with termination options

Office building

3

2 - 5.5 years

3.25 years

-

-

 

The lease liabilities are secured by the related underlying assets. Future minimum lease payments at 30 June 2024 were as follows:

 



Within one year

One to six

 years

Total



£000's

£000's

£000's

Lease payments


367

1,936

2,304

Finance charges


(156)

(332)

(488)

Net present values


211

1,605

1,816

 

 

The Group does not have any liabilities for short term leases.

 

At 30 June 2024 the Group had not committed to any leases which had not yet commenced excluding those recognised as a lease liability.

 

 

10      Financial Instruments

 


(unaudited)

(unaudited)

(audited)

Categories of financial instruments

 As at 30

June

 2024

 As at 30

June

 2023

As at 31

 December

2023


£000's

£000's

£000's

Financial assets at amortised cost



 

Trade and other receivables

5,975

6,291

5,850

Cash and bank balances

6,889

4,453

6,920


12,864

10,744

12,770





Financial liabilities at amortised cost




Trade and other payables

6,588

7,184

8,755

Lease liabilities

1,816

301

1,699

Bank Loans

129

158

153


8,533

7,643

10,607

 

 

Brave Bison categorises all financial assets and liabilities as level 1 for fair value purposes which means they are valued using quoted prices (unadjusted) in active markets for identical assets or liabilities.

 

 

11      Contingent liabilities

 

There were no contingent liabilities at 30 June 2024 (30 June 2023 and 31 December 2023: None).

 

12      Bank Loans

 

 




(audited)



(unaudited)

(unaudited)

12 months



6 months ended

June 2024

6 months ended

June 2023

 ended 31

December

 2023

 

 

£000's

£000's

£000's






Loan <1 year


19

14

10

Loan >1 year


110

144

143



129

158

153

 

The Group has a Bounce Back Loan Agreement which is due to be fully repaid in 2026. The repayment amount and timing of each instalment is based on a fixed interest rate of 2.5% payable on the outstanding principal amount of the loan and applicable until the final repayment date.  This loan is unsecured.  The Group continues to have an undrawn £3m revolving credit facility (RCF) with Barclays Bank plc. The RCF is a 3 year facility with an interest margin of 2.75% over Base Rate. The Group also has a U.S. Small Business Administration loan which was acquired as part of the SocialChain acquisition which is due to be fully repaid in 2050. The repayment amount and timing of each instalment was based on a fixed interest rate of 3.75% per annum payable on the outstanding principal amount of the loan and applicable until the final repayment date.

 

 

13      Transactions with Directors and other related parties

 

Oliver Green and Theodore Green are directors and shareholders in Tangent Marketing Services Limited and directors of The Printed Group Limited.

Tangent Marketing Services and The Printed Group both rent office space from Brave Bison at its London headquarters.

Tangent Marketing Services pays Brave Bison a salary recharge for certain employees in the HR, IT and facilities departments.

The Printed Group is a client of Brave Bison, whereby Brave Bison provides search engine optimisation services to The Printed Group.

All related party transactions are undertaken on an arms-length basis and are approved beforehand by the Group's independent directors. A copy of the Group's related party policy is available at bravebison.com/investors under the heading 'Shareholder Documents'.

 

Transactions with associates during the year were:




(audited)


(unaudited)

(unaudited)

12 months


6 months ended

June 2024

6 months ended

June 2023

 ended 31

December

 2023

 

£000's

£000's

£000's

Amounts charged to Tangent Marketing Services Limited by Brave Bison








Recharge for HR related salary

18

16

33

Recharge for IT related salary

9

15

33

Recharge for support staff salary

5

8

17

Recharge for marketing related costs

8

-

-

Recharge for other costs

1

-

-

Charge for property related costs

38

41

76

Charge for client related work

3

7

19

Charge for IT related costs

-

5

10

Recharge of other staff costs

-

7

7


82

99

195





Amounts charged to Brave Bison by Tangent Marketing Services Limited




Charge for client related work

-

67

67


-

67

67





Amounts charged to The Printed Group Limited by Brave Bison




Recharge for property related costs

19

35

39

Charge for client related work

52

26

96


71

61

135





 

 

 

 

 

 

(unaudited)

(unaudited)

(audited)


6 months to

6 months to

Year to 31


30 June  2024

30 June  2023

December  2023


£000's

£000's

£000's





Amounts owed to Tangent Marketing Services Limited

-

-

-

Amounts owed by Tangent Marketing Services Limited

24

18

21

Amounts owed by The Printed Group Limited

9

22

22

 

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