CORRECT: Brave Bison Expects 2017 Revenue Much Lower Than 2016

(Correcting that Brave Bison will post its results on the week ...

Alliance News 17 February, 2017 | 8:22PM
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(Correcting that Brave Bison will post its results on the week commencing March 27.)

LONDON (Alliance News) - Brave Bison Group PLC on Friday said its 2017 revenue is expected to be "substantially lower" than that achieved in 2016, when net revenue increased 22%.

The social video company said it achieved 38% revenue growth in the first half of 2016 on a year-on-year basis, but its second half was challenging and growth slowed to 7.0% against the second half of 2015.

Net revenue rose to GBP17.7 million from GBP14.6 million the prior year, and gross profit has increased to GBP7.7 million from GBP6.1 million.

Adjusted earnings before interest, tax, depreciation and amortisation loss reduced by 79% year-on-year in 2016 to GBP1.8 million from GBP8.7 million.

Looking to 2017, though, Brave Bison said its 2017 revenue will follow the same trend established in the latter part of 2016 and will be much lower than that achieved in 2016 due to two material contract losses at the end of 2016 and the potential discontinuance of certain low margin business.

Brave Bison said it has continued its cost-rationalisation programme and delivered GBP2.6 million of annualised cost savings in the fourth quarter of 2016, from staff reductions and cuts to property costs.

Brave Bison said it was now largely focused on higher margin products, though said it will now take a "little longer" than originally planned to achieve profitability.

Brave Bison expects to post its full year results in the week commencing on March 27.

Shares in Brave Bison were down 13% at 1.62 pence on Friday afternoon.

By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Brave Bison Group PLC 1.40 GBX 1.81 -
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