April 28, 2022

Final Results

Brave Bison, the social and digital media company, is pleased to announce the Company’s financial results for the year ending 31 December 2021. These results represent the Company’s first-ever statutory profit before tax.

Oliver Green, Executive Chairman, commented:

“2021 was an important and transformational year for Brave Bison. The business has proven its ability to grow revenues and generate cash by competing in the new age of digital advertising and has delivered maiden statutory profits. We are excited to launch the new, integrated Brave Bison trade brand in the second half of 2022, which will incorporate Greenlight, in addition to Best Response Media, the acquisition of which was announced by the Company this morning.

“We have made a strong start to 2022, with a number of new customer wins and a healthy performance across our digital media network. With the team and platform now in place, coupled with the potential for further tactical bolt-on acquisitions, we are on track to meet current market expectations for FY22 Adjusted EBITDA of £2.7m”

Financial Highlights: Strong financial performance

 FY21FY20AChange
Revenue£21.7m£14.5m+50%
Gross Profit£7.8m£4.0m+96%
Adj. EBITDA (1)£1.8m£0.1m+1,225%
Adj. Operating Profit (2)£1.4m(£1.5m)
Adj. Operating Profit Per Share0.18p(0.25)p
Profit Before Tax£0.5m(£2.3m)
Cash£5.9m£2.8m+114%
Net Cash£4.7m£2.7m+75%

(1) 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.

(2) Adj. Operating Profit is stated after adding back acquisition costs, restructuring costs and share-based payments, and is after the deduction of costs associated with property leases.

·      Revenue growth of 50% to £21.7m, and underlying organic revenue growth of 10%

·      Adjusted Operating Profit of £1.4m (FY20: loss of £1.5m) and Adjusted EBITDA of £1.8m (FY20: £0.1m), an increase of 1,225%

·      Adjusted Operating Profit per share of 0.18p (FY20: loss of 0.25p), demonstrating the accretive nature of acquisitions made to date

·      Cash resources of £5.9m, reflecting strong cash generation of £3.2m during the year (FY20: loss of £1.5m). Net cash of £4.7m after deducting outstanding COVID loans and deferred consideration

Strategic Highlights: Accelerated growth across the business

·      Transformational acquisition of Greenlight completed in September 2021, increasing the breadth of Brave Bison’s digital advertising capabilities

·      Significant year-on-year growth of Brave Bison’s digital media network, including the addition of six new Snap Discover shows. Average monthly views across the network were 1.7bn and total followers & subscribers were 168m

·      Launched The Wave House Season 2 in partnership with a specialist influencer agency. The Wave House is one of the most popular ‘Creator Mansions’ in the UK, attracting millions of likes and views across TikTok, YouTube, Instagram and Snapchat

·      Total headcount for the Company grew from 40 at the end of 2020 to 146 at the end of 2021

·      New customer wins and renewals during the period include Asus, Vodafone, Ryder Cup, a FTSE250 retailer and a FTSE100 consumer products group

Current Trading & Outlook

·      Strong start to the new year with a number of new customer wins, three new Snap Discover shows and record-breaking performance on YouTube for Australian Open, a Brave Bison channel partner

·      Integration of Greenlight into the Brave Bison operating platform is ahead of schedule and substantially complete, with the launch of the combined brand planned before the end of June 2022

·      Acquisition of Best Response Media, announced separately this morning, is an earnings accretive bolt-on acquisition that enhances Brave Bison’s ecommerce capabilities to include all leading ecommerce technology platforms.

·      Brave Bison is on track to meet current market expectations for FY22 Adjusted EBITDA(1) of £2.7m, before the impact of the Best Response Media acquisition

For further information please contact:

Brave Bison Group plc

Oliver Green, Executive Chairman                                                                                   via Cenkos

Theo Green, Chief Growth Officer

Philippa Norridge, Chief Financial Officer

Cenkos Securities plc                                                                                                          Tel: +44 (0)20 7397 8900

Nominated Adviser & Broker

Nicholas Wells

Ben Jeynes