TIDMBBSN
RNS Number : 2194A
Brave Bison Group PLC
22 September 2022
22 September 2022
Brave Bison Group plc
("Brave Bison", "the Group" or "the Company")
Interim Results
Brave Bison Group plc (AIM: BBSN), the social and digital media
company, today announces its unaudited interim results for the six
months ended 30 June 2022.
Commenting on the results, Oliver Green, Chairman, said:
"These results are ahead of the trading update released in July
2022, and confirm a record-breaking first half period for Brave
Bison with triple-digit growth in major KPIs. We remain confident
and are currently on track to achieve or exceed our expectations
for the full year."
Financial Highlights
Unaudited H1 FY22 H1 FY21 YoY Change
------------------------------------ --------- -------- -----------
Revenue GBP14.7m GBP7.3m +102%
Gross Profit GBP8.2m GBP1.9m +321%
Adj. EBITDA (1) GBP1.6m GBP0.5m +189%
------------------------------------ --------- -------- -----------
Adj. Operating Profit (2) GBP1.3m GBP0.4m +221%
------------------------------------ --------- -------- -----------
Operating Margin(3) 16.1% 21.1% (500bps)
------------------------------------ --------- -------- -----------
Profit Before Tax GBP1.0m GBP0.2m +496%
------------------------------------ --------- -------- -----------
Basic Profit per Ordinary Share(4) 0.09p 0.03p +200%
Gross Cash GBP5.4m GBP3.0m +80%
Net Cash excl. Lease Liabilities GBP4.8m GBP2.9m +65%
==================================== ========= ======== ===========
(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.
(3) Operating Margin is a function of Adj. Operating Profit on
Gross Profit
(4) Basic Profit per Ordinary Share is the Profit attributable
to equity holders of the parent, divided by the weighted average
number of Ordinary Shares
-- Triple-digit growth in major KPIs year-on-year and a record
statutory Profit Before Tax of GBP1.0m (H1 2021: GBP0.2m)
-- Operating Margin of 16.1% (H1 2021: 21.1%, FY 2021: 17.9%), a
reduction of 500bps year-on-year, a result of significant growth in
digital marketing services revenue in the period to GBP8.8m (H1
2021: GBP0.9m)
-- Increase in Net Cash year-on-year to GBP4.8m (H1 2021:
GBP2.1m, H2 2021: GBP4.7m) excl. lease liabilities. Cash generated
in H1 2022 was largely offset by the payment of acquisition
considerations
Strategic & Corporate Highlights
-- Successful launch of the new Brave Bison trade brand (
www.bravebison.com ), an important step in continuing to drive
customer cross-selling and acquisition integration
-- 12 new customers won and onboarded since January 2022,
including Rapyd, Paperchase, ILX Group, Feefo and Viking Direct
-- Seven new Snap shows launched since the start of the year,
taking the total to 13. New shows include StrEAT Food, a food &
travel channel, and Alofoke, a Spanish-language music &
entertainment channel
-- Further growth on YouTube with the addition of Laver Cup and
PGA of America, bolstering reach in tennis and golf verticals,
respectively. Brave Bison is one of the largest tennis publishers
on YouTube, managing two of four Grand Slam channels: US Open and
Australian Open
-- Appointment of Gordon Brough, ex-General Counsel at Aberdeen
Asset Management plc, as Independent Non-Executive Director,
bringing extensive public company and M&A experience to the
Brave Bison Board
-- Acquisition and integration of Best Response Media, a
specialist Adobe ecommerce development company. Brave Bison
Commerce now provides clients with the full spectrum of enterprise
ecommerce technologies including Salesforce, SAP, Adobe and
BigCommerce
For further information please contact:
Brave Bison Group plc
Oliver Green, 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
Chairman's Statement
The first half of 2022 was a transformative period for Brave
Bison, during which we have completed the integration of three
businesses, made a further new acquisition, launched a new trade
brand, appointed new leadership and, most importantly, continued to
win new customers as the Company's broadened offering continues to
gain traction with existing and potential customers alike.
We have been working hard to deliver the six-point business plan
presented to shareholders at the beginning of the year and we are
pleased to report good progress has been made against all our
objectives. By way of reminder:
Initiative Description Status
Rebrand Brave Bison Launch a new trade Complete
brand to integrate
customer offering
---------------------------- ----------------------------
Grow the Digital Media Increase our reach Underway
Network and audience on YouTube
and Snap
---------------------------- ----------------------------
Implement a Distributed Increase the number 27% now working on
Operating Model of staff working remotely a remote basis, across
11 countries, with
the balance working
on a hybrid basis
---------------------------- ----------------------------
Make Bolt-on Acquisitions Acquire new capabilities Best Response Media
and customers acquired in April
2022
---------------------------- ----------------------------
Undertake a Fixed-cost Right-size fixed overheads, Underway. London HQ
Reduction Program particularly property currently has three
and IT sub-tenants
---------------------------- ----------------------------
Develop Board & Shareholder Strengthen IR and Gordon Brough, ex-Aberdeen
Communications governance strategy Asset Management plc
General Counsel, appointed
to the Board in July
2022
---------------------------- ----------------------------
The launch of the new trade brand ( www.bravebison.com ) has
been well received by customers and staff. New customers are
briefing us for multiple services and existing customers are being
upsold new services. Staff churn has noticeably decreased since the
start of the year as Brave Bison's long-term plans begin to
resonate with our teams.
Our digital media network has expanded in recent months. We have
increased the number of shows on our network and grown our strength
in key niches. In tennis, we now manage two of four Grand Slam
channels (US Open and Australian Open), as well as the Laver Cup.
In golf, we manage PGA Tour, PGA of America, DP World Tour and the
Ryder Cup. On Snapchat we have launched seven new shows since the
start of the year, taking our total to 13. Revenues for a new show
typically start small, but we have high hopes for a number of our
new channels, particularly those in music & entertainment.
Brave Bison is headquartered in the UK, but our future is very
much a global one. We currently have staff in 11 countries, and
over a quarter are now working remotely. This operational strength
allows us to hire faster and sometimes cheaper, speeding up
customer onboarding times. Hybrid working has become a key feature
for how our delivery teams work, and we expect this trend to
continue.
We were pleased to acquire Best Response Media during the
period. One of our key agency pillars is Brave Bison Commerce, our
digital commerce practice, which provides ecommerce platform
support and integrations for enterprise brands such as Primark,
Furniture Village and Milk & More. Until the acquisition of
Best Response Media, our efforts were focused on three major
enterprise ecommerce platforms: SAP, Salesforce and BigCommerce.
Through this acquisition, we are now able to offer services on
Adobe Commerce Cloud, a ubiquitous platform that has grown from
strength-to-strength in recent years. Furthermore, we acquired a
highly experienced and flexible resource base in Mansoura, Egypt,
as well as Tier 1 customers including NatWest.
Since taking executive roles in 2020, Theo and I have been
committed to building Brave Bison's board in a thoughtful and
measured way, very much in line with modern standards of
governance. The appointment of Gordon Brough in July 2022 is a
further indication of this ongoing commitment. Gordon has extensive
public company experience, having been General Counsel at Aberdeen
Asset Management for ten years, and we believe he will make a
substantial contribution to the Board.
Financial Review
H1 2022 was a record period for Brave Bison. The Company
recorded interim revenues of GBP14.7m (H1 2021: GBP7.3m) and Adj.
Operating Profit of GBP1.3m (H1 2021: GBP0.4m), an increase of 102%
and 221%, respectively. Gross Profit increased to GBP8.2m (H1 2021:
GBP1.9m) and the Company reported a Profit Before Tax of GBP1.0m
(H1 2021: GBP0.2m), the largest half-year profit in Brave Bison's
history.
The Company's Operating Margin (Adj. Operating Profit as a
proportion of Gross Profit) has declined to 16.1% (H1 2021: 21.1%).
However, this is largely due to the rapid growth of revenues in
Brave Bison's digital marketing services business to GBP8.8m (H1
2021: GBP0.9m), which operates at lower margins than the media
network revenue.
Net cash increased to GBP4.8m (H1 2021: GBP2.9m) and remained
broadly unchanged since the end of 2021 (H2 2021: GBP4.7m). The
majority of the cash generated in the period was used to fund
acquisition considerations, totaling GBP1.1m in respect of Best
Response Media and Greenlight, as well as fund working capital
changes. The only remaining deferred consideration payment is due
to the selling shareholders of Best Response Media, totaling
GBP0.2m payable in October 2022.
Outlook
The Board is comfortable that it will meet or exceed its
expectations for the current financial year. Furthermore, and
despite global macro headwinds, the Board expects further growth in
the next financial year as brand advertisers continue to migrate
towards our differentiated customer proposition.
On behalf of the Board
Oliver Green
Chairman
22 September 2022
BRAVE BISON GROUP PLC
CONDENSED CONSOLIDATED INCOME STATEMENT AND CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2022
(unaudited) (unaudited) (audited)
6 months 6 months Year to
to to 31
30 June 30 June December
Note 2022 2021 2021
GBP000's GBP000's GBP000's
Revenue 3 14,742 7,316 21,660
Cost of sales (6,559) (5,374) (13,854)
----------- -------------- ----------------
Gross profit 8,183 1,942 7,806
Administration expenses (7,006) (1,549) (7,105)
Restructuring and acquisition costs (102) (207) (176)
Impairment charge 6 - - -
----------- -------------- ----------------
Operating profit 1,075 186 525
Finance income 1 - -
Finance costs (51) (14) (67)
----------- -------------- ----------------
Profit/(Loss) before tax 1,025 172 458
Analysed as
Adjusted EBITDA 1,571 543 1,762
Finance costs (51) (14) (67)
Finance income 1 - -
Impairment charge - - -
Depreciation (190) (103) (279)
Amortisation (17) (17) (34)
----------- -------------- ----------------
Adjusted Operating Profit 1,314 409 1,382
Restructuring costs (62) - (176)
Acquisition costs (40) (207) (686)
Equity settled share based payments (187) (30) (62)
----------- -------------- ----------------
Profit before tax 1,025 172 458
-------------------------------------------- ---- ----------- -------------- ----------------
Income tax charge (3) (5) -
----------- -------------- ----------------
Profit attributable to equity holders
of the parent 1,022 167 458
=========== ============== ================
Statement of Comprehensive Income
Profit for the period/year 1,022 167 458
Items that may be reclassified subsequently
to profit or loss
Exchange gain/(loss) on translation
of foreign subsidiaries 12 (9) (7)
----------- -------------- ----------------
Total comprehensive profit for the
period/year attributable to owners
of the parent 1,034 158 451
=========== ============== ================
Profit per share (basic and diluted)
Basic profit per ordinary share (pence) 5 0.09p 0.03p 0.06p
Diluted profit per ordinary share
(pence) 5 0.09p 0.03p 0.06p
BRAVE BISON GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2022
(unaudited) (unaudited) (audited)
At At At 31
30 June 30 June December
Note 2022 2021 2021
GBP000's GBP000's GBP000's
Non-current assets
Intangible assets 6 6,489 127 6,265
Property, plant and equipment 7 519 70 672
----------- ----------- ---------
7,008 197 6,937
Current assets
Trade and other receivables 6,495 2,570 6,636
Deferred tax asset 135 - 135
Cash and cash equivalents 5,370 2,986 5,906
----------- ----------- ---------
12,000 5,556 12,677
Current liabilities
Trade and other payables (9,056) (4,613) (10,528)
Bank Loans <1 year (108) - (108)
Lease Liabilities 9 (657) (142) (629)
----------- ----------- ---------
(9,821) (4,755) (11,265)
Non-current liabilities
Bank loan >1 year 12 (254) (50) (308)
Lease Liabilities 9 (57) - (393)
Provisions for liabilities (125) - (118)
----------- ----------- ---------
(436) (50) (819)
Net assets 8,751 948 7,530
=========== =========== =========
Equity
Share capital 8 1,081 613 1,081
Share premium 84,551 78,762 84,551
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 (122,259) (123,791) (123,468)
Translation reserve 154 140 142
----------- ----------- ---------
Total equity 8,751 948 7,530
=========== =========== =========
BRAVE BISON GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2022
(unaudited) (unaudited) (audited)
6 months 6 months Year to
to to 31
30 June 30 June December
2022 2021 2021
GBP000's GBP000's GBP000's
Operating activities
Profit before tax 1,025 172 458
Adjustments:
Depreciation, amortisation and impairment 41 120 57
Finance income (1) - -
Finance costs 51 14 67
Share based payment charges 187 30 62
Decrease in trade and other receivables 244 466 1,314
(Decrease)/increase in trade and other
payables (794) (260) 2,033
Tax (paid)/received - (5) -
-------------- -------------- ---------
Cash inflow from operating activities 753 537 3,991
Investing activities
Acquisition of subsidiaries (1,063) - (7,735)
Net cash acquired on acquisition 190 - 1,451
Purchase of property, plant and equipment (30) (22) (34)
Purchase of intangible assets - - -
Interest received 1 - -
Interest paid (8) - (5)
-------------- -------------- ---------
Cash outflow from investing activities (910) (22) (6,323)
Cash flows from financing activities
Issue of share capital - - 6,257
Proceeds from borrowings - - -
Repayment of borrowings (56) - (36)
Repayment of lease liability (308) (274) (730)
-------------- -------------- ---------
Cash outflow from financing activities (364) (274) 5,491
Net change in cash and cash equivalents (520) 241 3,159
============== ============== =========
Movement in net cash
Cash and cash equivalents, beginning
of period 5,906 2,754 2,754
Increase/(decrease) in cash and cash
equivalents (520) 241 3,159
Movement in foreign exchange (16) (9) (7)
Cash and cash equivalents, end of period 5,370 2,986 5,906
============== ============== =========
BRAVE BISON GROUP PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2022
Capital Merger
Share Share redemption relief Translation Retained Total
capital premium reserve Merger reserve reserve reserve deficit equity
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
At 1 January
2021 (audited) 613 78,762 6,660 (24,060) 62,624 149 (123,988) 760
Shares issued - - - -
during the
period - - - -
Equity settled
share based
payments - - - - - - 30 30
--------- -------- --------------- --------------- --------- ------------- --------- --------
Transactions
with owners - - - - - - 30 30
--------- -------- --------------- --------------- --------- ------------- --------- --------
Other
Comprehensive
Income
Profit and total
comprehensive
income for the
period - - - - - (9) 167 158
--------- -------- --------------- --------------- --------- ------------- --------- --------
At 30 June 2021
(unaudited) 613 78,762 6,660 (24,060) 62,624 140 (123,791) 948
--------- -------- --------------- --------------- --------- ------------- --------- --------
At 1 January
2021 (audited) 613 78,762 6,660 (24,060) 62,624 149 (123,988) 760
Shares issued
during the year 468 5,789 - - - - - 6,257
Equity settled
share based
payments - - - - - - 62 62
--------- -------- --------------- --------------- --------- ------------- --------- --------
Transactions
with owners 468 5,789 - - - - 62 6,319
--------- -------- --------------- --------------- --------- ------------- --------- --------
Other
Comprehensive
Income
Profit and total
comprehensive
income for the
period - - - - - (7) 458 451
--------- -------- --------------- --------------- --------- ------------- --------- --------
At 31 December
2021 (audited) 1,081 84,551 6,660 (24,060) 62,624 142 (123,468) 7,530
--------- -------- --------------- --------------- --------- ------------- --------- --------
At 1 January
2022 (audited) 1,081 84,551 6,660 (24,060) 62,624 142 (123,468) 7,530
Shares issued - - - -
during the year - - - -
Equity settled
share based
payments - - - - - - 187 187
--------- -------- --------------- --------------- --------- ------------- --------- --------
Transactions
with owners - - - - - - 187 187
--------- -------- --------------- --------------- --------- ------------- --------- --------
Other
Comprehensive
Income
Profit and total
comprehensive
income for the
period - - - - - 12 1,022 1,034
--------- -------- --------------- --------------- --------- ------------- --------- --------
At 30 June 2022
(unaudited) 1,081 84,551 6,660 (24,060) 62,624 154 (122,259) 8,751
--------- -------- --------------- --------------- --------- ------------- --------- --------
BRAVE BISON GROUP PLC
NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS
For the six months ended 30 June 2022
1 General information
The information for the year ended 31 December 2021 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 2022 were GBP5.4 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 continue
to achieve positive cash inflows in the second half of 2022 and
2023. 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 monitor the impact of the
COVID-19 pandemic, and maintain rolling forecasts which are
regularly updated. Advertising revenues have recovered well after
the initial impact of the pandemic, and while project budgets
remain smaller, we are seeing signs of recovery in this area as
well.
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 2021.
Other pronouncements
Other accounting pronouncements which have become effective from
1 January 2022 and therefore have been adopted do not have a
significant impact on the Group's financial results or
position.
3 Segment reporting
The Board has reviewed the Group and all revenues are functional
activities of a digital media and marketing group, and these
activities take place on an integrated basis. The senior executive
team review the financial information on an integrated basis for
the Group as a whole, with respective heads of business who are
geographically located and in accordance with IFRS 8 Operating
Segments, the Group will be providing a geographical split. The
Group will also be providing a split between the Media Network
revenue and Digital Marketing services revenue.
Geographic reporting
The information is presented based on the customers'
location.
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2022 June 2021 2021
GBP000's GBP000's GBP000's
United Kingdom & Europe 12,857 5,197 17,548
Asia Pacific 122 634 894
Rest of the World 1,763 1,485 3,218
----------- ----------- ----------
Total Revenue 14,742 7,316 21,660
=========== =========== ==========
The group identifies two revenue streams, Media Network revenue
and Digital Marketing services revenue. The analysis of revenue and
gross profit by each stream is detailed below.
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2022 June 2021 2021
Revenue GBP000's GBP000's GBP000's
Media Network 5,919 6,390 14,329
Digital Marketing services 8,823 926 7,331
Total revenue 14,742 7,316 21,660
=========== =========== ==========
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2022 June 2021 2021
Gross profit GBP000's GBP000's GBP000's
Media Network 1,436 1,395 3,044
Digital Marketing services 6,747 547 4,762
Total gross profit 8,183 1,942 7,806
=========== =========== ==========
Timing of revenue recognition
The following table includes revenue from contracts
disaggregated by the timing of recognition.
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2022 June 2021 2021
GBP000's GBP000's GBP000's
Products and services transferred
at a point in time 5,959 6,460 14,432
Products and services transferred
over time 8,883 856 7,228
Total revenue 14,742 7,316 21,660
=========== =========== ==========
4 Restructuring
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2022 June 2021 2021
GBP000's GBP000's GBP000's
Restructuring costs 62 - 176
=========== =========== ==========
Restructuring costs in 2022 relate to corporate reorganisation
activities as a result of the acquisition of Greenlight, as well as
costs relating to the transfer of contractors into a new subsidiary
in Bulgaria.
5 Profit per share
Both the basic and diluted profit / (loss) per share have been
calculated using the profit / (loss) after tax
attributable to shareholders of Brave Bison Group plc as the
numerator, i.e. no adjustments to profits / (losses) were necessary
in 2021 or 2022. The calculation of the basic profit / (loss) per
share is based on the profit /(loss) attributable to ordinary
shareholders divided by the weighted average number of shares in
issue during the year. Share options were dilutive in 2021 and
2022.
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2022 June 2021 2021
Weighted average number of ordinary
shares 1,080,816,000 612,821,228 768,367,147
Dilution due to share options 62,376,266 41,367,914 57,637,981
Total weighted average number of
ordinary shares 1,143,192,266 654,189,142 826,005,128
Basic profit per ordinary share (pence) 0.09p 0.03p 0.06p
============= =========== ===========
Diluted profit per ordinary share
(pence) 0.09p 0.03p 0.06p
============= =========== ===========
Adjusted basic profit per ordinary
share (pence) 0.12p 0.05p 0.18p
============= =========== ===========
Adjusted diluted profit per ordinary
share (pence) 0.11p 0.05p 0.17p
============= =========== ===========
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2022 June 2021 2021
GBP000's GBP000's GBP000's
Profit for the year attributable
to ordinary shareholders 1,022 167 458
Equity settled share based payments 187 121 62
Restructuring costs 62 30 176
Acquisition costs 40 - 686
Tax charge/credit 3 - -
Adjusted operating profit for the
period attributable to the equity
shareholders 1,314 318 1,382
============= =========== ===========
6 Intangible Assets
Online Channel Customer
Goodwill Content Technology Brands Relation-ships Total
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
Cost
At 30 June 2021 35,075 2,034 5,213 273 19,332 61,927
Additions 6,155 - - - - 6,155
-------- -------------- ---------- -------- --------------- --------
At 31 December
2021 41,230 2,034 5,213 273 19,332 68,082
-------- -------------- ---------- -------- --------------- --------
Additions 241 - - - - 241
-------- -------------- ---------- -------- --------------- --------
At 30 June 2022 41,471 2,034 5,213 273 19,332 68,323
-------- -------------- ---------- -------- --------------- --------
Amortisation and impairment
At 30 June 2021 35,075 1,907 5,213 273 19,332 61,800
Charge for the
period - 17 - - - 17
Impairment charge - - - - - -
At 31 December
2021 35,075 1,924 5,213 273 19,332 61,817
-------- -------------- ---------- -------- --------------- --------
Charge for the
period - 17 - - - 17
Impairment charge - - - - - -
-------- -------------- ---------- -------- --------------- --------
At 30 June 2022 35,075 1,941 5,213 273 19,332 61,834
-------- -------------- ---------- -------- --------------- --------
Net Book Value
At 30 June 2021 - 127 - - - 127
======== ============== ========== ======== =============== ========
At 31 December
2021 6,155 110 - - - 6,265
======== ============== ========== ======== =============== ========
At 30 June 2022 6,396 93 - - - 6,489
======== ============== ========== ======== =============== ========
7 Property, plant and equipment
Leasehold Fixtures
Right of Improvement Computer &
Use asset Equipment Fittings Total
GBP000's GBP000's GBP000's GBP000's GBP000's
Cost
At 30 June 2021 1,035 - 924 220 2,179
Additions - - 12 - 12
Acquisition of subsidiary 719 11 36 - 766
At 31 December 2021 1,754 11 972 220 2,957
Additions - - 36 - 36
Disposals (1,035) - (903) (220) (2,158)
Acquisition of subsidiary - - 1 - 1
---------- ------------ ---------- --------- --------
At 30 June 2022 719 11 106 - 836
---------- ------------ ---------- --------- --------
Depreciation and
impairment
At 30 June 2021 986 - 903 220 2,109
Charge for the period 159 2 15 - 176
Impairment charge - - - - -
At 31 December 2021 1,145 2 918 220 2,285
Charge for the period 166 3 21 - 190
Disposals (1,035) - (903) (220) (2,158)
At 30 June 2022 276 5 36 - 317
Net Book Value
At 30 June 2021 49 - 21 - 70
========== ============ ========== ========= ========
At 31 December 2021 609 9 54 - 672
========== ============ ========== ========= ========
At 30 June 2022 443 6 70 - 519
========== ============ ========== ========= ========
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 6 months ended 31
ended ended December
June 2022 June 2021 2021
GBP000's GBP000's GBP000's
Right-of-use-asset 443 49 609
----------- ----------- ----------
Total right-of-use asset 443 49 609
=========== =========== ==========
8 Share capital
Ordinary share capital At 30 June 2022
Number GBP000's
Ordinary shares of GBP0.001 1,080,816,000 1,081
Total ordinary share capital of the
Company 1,081
========
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 At At 31
30 June 30 June December
2022 2021 2021
GBP000's GBP000's GBP000's
Current 657 142 629
Non-current 57 - 393
----------- ----------- ---------
714 142 1,022
=========== =========== =========
The Group acquired two office leases with the acquisition of
Greenlight which expire in November 2023. 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 Range of remaining Average remaining No. of leases No. of leases
assets leased term lease term with extension with termination
options options
Office building 2 1.5 years 1.5 years - -
The lease liabilities are secured by the related underlying
assets. Future minimum lease payments at 30 June 2022 were as
follows:
Within one One to two Total
year years
GBP000's GBP000's GBP000's
Lease payments 700 58 758
Finance charges (43) (1) (44)
---------- ---------- --------
Net present values 657 57 714
========== ========== ========
The Group does not have any liabilities for short term
leases.
The Group received a Covid-19 related rent concession during the
period of GBPnil (2021: GBP72,030). It has applied the exemption
granted by the Covid-19-Related Rent Concessions (Amendment to IFRS
16) and has therefore not assessed this as a lease modification but
has included it within administration expenses.
At 30 June 2022 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 As at 30 As at 31
June June December
2022 2021 2021
GBP000's GBP000's GBP000's
Financial assets
Loans and other receivables 6,154 2,411 6,285
Cash and bank balances 5,370 2,986 5,906
----------- ----------- ---------
11,524 5,397 12,191
=========== =========== =========
Financial liabilities
Trade and other payables at
amortised cost (7,862) (4,394) 9,811
Lease liabilities (714) (142) 1,022
----------- ----------- ---------
(8,576) (4,536) 10,833
=========== =========== =========
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 2022 (30 June
2021 and 31 December 2021: None).
12 Bank Loans
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2022 June 2021 2021
GBP000's GBP000's GBP000's
Loan <1 year 108 - 108
Loan >1 year 254 50 308
----------- ----------- ----------
362 50 416
=========== =========== ==========
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 also has a
Coronavirus Business Interruption Loan ("CBIL") which was acquired
as part of the Greenlight acquisition 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 4.35% per annum payable on the
outstanding principal amount of the loan and applicable until the
final repayment date. The CBIL and an unused bank overdraft
facility of GBP500,000 available to the Company's subsidiary
Greenlight Digital Limited are secured by a fixed and floating
charge over its assets together with a cross guarantee with Brave
Bison Group Plc, Brave Bison Limited and Greenlight Commerce
Limited in favour of Barclays Bank, dated 1 September 2021.
13 Transactions with Directors and other related parties
Transactions with associates during the year were:
(audited)
(unaudited) (unaudited) 12 months
6 months 6 months ended 31
ended ended December
June 2022 June 2021 2021
GBP000's GBP000's GBP000's
Recharges to Tangent Marketing
Services Limited
Recharge for Admin related salary 4 - -
Recharge for HR related salary 20 11 24
Recharge for IT related salary 15 - -
Recharge for production related
salary 20 - 6
Recharge for property related
costs 55 - 32
------------ ----------- ----------
93 11 62
------------ ----------- ----------
Recharges from Tangent Marketing
Services Limited
Recharge for IT related salary - 8 13
Recharge for marketing related
services - - 27
Recharge for production related
salary - - 4
Recharge of website support
services - 15 -
------------ ----------- ----------
- 23 44
------------ ----------- ----------
(unaudited) (unaudited) (audited)
6 months 6 months
to to Year to 31
30 June December
30 June 2022 2021 2021
GBP000's GBP000's GBP000's
Amounts owed to Tangent Marketing
Services Limited - 13 5
Amounts owed by Tangent Marketing
Services Limited 24 6 4
Tangent Marketing Services Limited is a related party by virtue
of its shareholding in Brave Bison Group Plc. All of the above
transactions were conducted at arms length.
14 Acquisitions
On 28 April 2022, the Company acquired the entire issued share
capital of Best Response Media Limited. The consideration was
financed by existing cash balances. Best Response Media is a
specialist ecommerce and mobile development company focused
exclusively on the Adobe Commerce platform.
The provisional fair value of the assets acquired and
liabilities assumed were as follows:
Fair value
Book value adjustments Fair value
GBP000's GBP000's GBP000's
Goodwill 241 - 241
Tangible Assets 1 - 1
Trade and other receivables 236 - 236
Cash and cash equivalents 190 - 190
Current Liabilities (143) - (143)
Non-current liabilities - - -
Deferred tax - - -
---------- ------------ ----------
525 - 525
========== ============ ==========
The consideration for the acquisition is as follows:
GBP000's
Initial cash consideration 962
Less: cash dividend up (650)
Deferred cash consideration 175
Completion accounts adjustment 37
--------
525
========
The company acquired the entire issued share capital of Best
Response Media Limited for a total consideration of GBP0.5 million
after deducting the cash dividend paid immediately after
acquisition. The payment of the deferred consideration will be made
on 28 October 2022.
The condensed consolidated Statement of Comprehensive Income
includes GBP0.04 million of acquisition costs.
The fair value of the financial assets includes trade and other
receivables with a fair value of GBP0.2 million and a gross
contractual value of GBP0.3 million. The best estimate at
acquisition date of the contractual cash flows not to be collected
is GBP0.1 million. The goodwill represents the acquired accumulated
workforce and the synergies expected from integrating Best Response
Media into the Group's existing business. The Group has carried out
an interim fair value adjustment exercise and will be completing a
full exercise within the one year measurement period from the date
of the acquisition in accordance with IFRS3, and alongside the
completion of the integration. At the interim valuation stage the
Group has not been able to reliably estimate the fair value of
acquired intangibles and therefore the excess of consideration over
fair value of other identifiable assets and liabilities has been
allocated to goodwill. Once the full valuation exercise has been
completed additional intangible assets may be recognised separately
from goodwill.
Best Response Media Limited contributed GBP0.1 million revenue
and GBP0.0 million to the Group's profit for the period between the
date of acquisition and the reporting date.
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END
IR DFLFLLKLXBBK
(END) Dow Jones Newswires
September 22, 2022 02:01 ET (06:01 GMT)
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