LONDON (Alliance News) - Brave Bison Group PLC on Wednesday said its loss narrowed in 2018 on the non-repeat of an impairment, while Facebook advertising boosted revenue growth.
The social video company said its pretax loss narrowed sharply to GBP103,000 from GBP17.2 million reported a year earlier, as revenue rose by 19% to GBP21.2 million from GBP17.8 million.
In 2017, Brave Bison booked a GBP12.2 million impairment related to technology and customer relationship intangible assets. Meanwhile, the increase in revenue was driven by growth in Facebook platform advertising.
Advertising revenue increased by 42% to GBP17.8 million from GBP12.5 million in 2017 as a result of a "significant" increase in views across the company's portfolio of 20 owned and operated social media communities.
Fee Based Services revenue decreased by 36% to GBP3.4 million from GBP5.3 million the year before, partly due the loss of a contract with a Hollywood movie studio.
Headcount at year-end, including contractors, has increased by 13% to 62 people from 55 in 2017, as a result of investment in the company's owned and operated channels, business development in the UK, and expansion of its Asia Pacific office.
"2018 has been a transformative year for Brave Bison in terms of our financial results, our market positioning, and the value we have created for shareholders," said Chief Executive Claire Hungate.
"Looking ahead, while there are challenges of running a digital media business, there are also a lot of opportunities to capitalise on, in a world increasingly dominated by social media and video content," added Hungate.
Brave Bison shares were trading 12% lower on Wednesday at 3 pence each.
Brave Bison (BBSN)