Silverbullet (LON: SBDS), a provider of digital transformation services and products, has provided a trading update for Q1 ended 31 March 2023.
Highlights
· £5.2m of new bookings and contract renewals with blue chip clients, in Q4 2022 and Q1 2023
· Q1 2023 booked record £2m revenue (unaudited) – over 100% growth on Q1 2022
· Cost base to deliver Q1 FY23 revenue is in line with Q1 FY22
· Strong growth across key markets: UK, US and Australia
· 4D continuing to penetrate new markets
Group trading in the first quarter has been strong with notable new business wins, resulting in year-on-year revenue growth of over 100%. This growth has been achieved from a cost base that is broadly in line with the comparable prior year period, evidencing the Company’s cost management measures.
Silver Bullet Data Services’ contextual insights and targeting platform, ‘4D’, continues its momentum and has gained significant new revenue in the US. New clients include a market leading Insurance Company, Global Electronics manufacturer and a US Government Body.
The RNS on 9 March 2023, reported Silverbullet continues to work with notable global clients such as Heineken, Sony and Mars and has signed £3.4m worth of new bookings and contract renewals in Q4 2022. In Q1 2023, the Company has signed £1.8m of new bookings and contract renewals. Collectively, these contracts are providing the Company with significant visibility for expected revenues for the full year.
Q1 2023 (pre-audit) was the highest revenue quarter on record for the Company, with £2 million of revenue recorded for the period. This is driven from new and exisitng customers across the three key markets of UK, US and Australia. Notably, over 30% of Group revenue in Q1 2023 was generated in the US market.
Ian James, Silver Bullet Data Services Group Chief Executive, commented:
“We are delighted by the strong performance of the business in Q1, which follows on from a strong Q4 2022. Growth in revenue in 4D is particularly pleasing, as we continue to see heightened demand for this product. Further booked revenues and the ongoing benefit of the cost management programme implemented last year provide the Board with increased visibility and confidence of the business strategy. We look forward to updating the market on further developments in due course.”
