Brave Bison LON:BBSN the AIM-listed, London-based digital advertising and technology services agency, published its full-year results to end-December 2023 today (22nd April). The company provides services to global brand advertisers and plans and buys digital media on platforms like Google, Meta, TikTok, Amazon and YouTube, as well as providing search engine optimisation and digital PR services. Customers include New Balance, Curry’s and Asus.
Brave Bison, formerly known as Righster, offers a range of digital advertising and technology services to brand advertisers, and operates a digital media network of over 650 channels and 158 million followers. Established in 2011, as the brainchild of serial tech entrepreneur, Charlie Muirhead, the agency has headquarters in London and offices in Manchester, New York, Singapore, Bulgaria, Egypt and South Africa.
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Two years later Brave Bison debuted on AIM, raising GBP22.4m and embarked upon a campaign of acquisitions, the most recent being the GBP7.7m acquisition of Social Chain from Dragon’s Den panellist, Steven Bartlett.
Brave Bison reported turnover of GBP35.7m, up 13% from 2022. Net revenue was up 23% y-o-y to GBP20.9m with earnings up 42% to GBP4.3m. This led to adjusted profit before tax of GBP3.6m, 18% higher than in 2022. However, with acquisition costs, restructuring of Social Chain, share-based payments and impairment taken into account, profit before tax was GBP1.1m, down 24% y-o-y. The company has GBP6.8m cash on hand.
Brave Bison 2023 revenues ahead of expectations
All-in-all, 2023 was a good year for Brave Bison, with net revenue marginally ahead of expectations, and over the last five years the direction of travel has been positive and progressive, with FY21 revenues up 95% on FY20; FY22 revenues being up 117% on FY21; and FY22 revenue up 23% on FY21.
Oliver Green, executive chairman said: “During the year, the company made its fourth acquisition […] after an oversubscribed fundraising, we acquired Social Chain, an industry-defining social media and influencer marketing business […] Social Chain was merged with our existing Social & Influencer operations, and the integration involved an overhaul of the Social Chain brand proposition and website as well as its systems and processes for managing resource, delivery and margin.”
The company’s shares opened trading at 2.825p today, but had fallen to 2.4999p within the first two hours of trading. Over the year-to-date, Brave Bison’s shares were up 15.1%, but were down 17.5% from where they were a year ago. The company has a market capitalization of GBP36.4m.
Brave Bison has made some sensible acquisitions over the past few years. Given the direction of travel of the media sector Brave Bison has a brave future.
