- First-half adjusted pre-tax profit up 14 per cent to £1.5mn on 15 per cent higher revenue of £16.9mn
- Net cash of £4.3mn expected to exceed £6mn by year-end
- SocialChain acquisition restructured and set to be cash profitable
London-based social and digital media group Brave Bison (BBSN:2.4p) is making strong progress in turning around SocialChain, a leading social media marketing agency. The business was acquired in February and funded by an oversubscribed £4.75mn placing.
SocialChain was loss-making at the time, but £1mn of annualised cost savings have since been made (via back-office and systems integration, property disposals and headcount reductions), so it should report a cash profit this year. It’s winning new business, too, adding £2mn of annualised revenue in the past six months from brands including Holland & Barrett, Aer Lingus and Pinterest. After adding back acquisition costs (£0.8mn), restructuring charges (£0.6mn) and share-based payments (£0.2mn), Brave Bison’s underlying pre-tax profit increased 14 per cent to £1.5m.