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(Sharecast News) - Digital advertising and technology services company Brave Bison said in an update on Wednesday that trading in the first five months of 2024 met expectations, with the board anticipating adjusted profit before tax for the six months ended 30 June to surpass the prior year's figures.
The AIM-traded firm, which was holding its annual general meeting, said SocialChain, its social media advertising and influencer marketing division, had shown a strong performance.
It said the termination of several low-margin, pre-acquisition legacy contracts had been beneficial, replaced by high-value influencer marketing revenues, significantly enhancing the practice's profitability and marking a successful turnaround.
The company also secured new clients, including SharkNinja, Yours Clothing, The Travel Corporation, Sony Pictures, and Greene King, reflecting a growing business pipeline and increased activity since the start of the year.
On 13 May, Brave Bison considered an acquisition offer for The Mission Group - an AIM-listed digital marketing and communications business.
Mission reported 2023 revenue of £86m and an adjusted EBIT of £6.5m, with over 1,100 employees as of 31 December.
However, due to a lack of constructive engagement and due diligence access from the Mission board, Brave Bison decided to withdraw from the potential transaction on 9 June.
The abort costs from the potential acquisition were expected to be no more than £50,000.
Brave Bison said a trading update for the half-year period was scheduled for release in July 2024, with interim results to follow in September.
At 1004 BST, shares in Brave Bison Group were up 4.67% at 2.75p.
Reporting by Josh White for Sharecast.com.
