(Alliance News) - Shares rose in Brave Bison Group PLC on Monday following a strong performance for the second half of 2020, despite continued expectations of an annual decline in profit and revenue.
Shares in the social media and marketing group were 15% higher at 1.50 pence on Monday in London.
For the six months to the end of December, Brave Bison said its expects gross profit to be no less than GBP2.1 million, an 18% rise from GBP1.8 million posted for the same period the year before.
This is on revenue that is set to rise by 7% year-on-year to GBP7.2 million, driven by new client wins, a reduced operating cost base and strong growth across the company's Snap and YouTube networks.
For 2020 as a whole, Brave Bison expects gross profit to be at a minimum of GBP3.9 million, a 25% drop from GBP5.2 million the year before. In addition, revenue is expected to be no less than GBP12.7 million, a 24% drop from GBP16.8 million the prior year.
"Brave Bison is in a stronger position heading into 2021 than it has been in previous years. We have won new clients, grown gross profits in H2 2020 by 18% (compared to the same period last year) and significantly reduced our operating costs. Our outlook is cautious given the material uncertainty presented by the fallout from the pandemic, but our strong balance sheet will allow us to weather the storm and capitalise on potential opportunities," said Executive Chair Oliver Green.
Brave Bison will publish its annual results in April.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Brave Bison (BBSN)