Silver Bullet Data Services Group plc (LON:SBDS), Silverbullet, a leading provider of AI-driven digital transformation services and products, is pleased to announce significant new contract wins and a new working capital facility.
New Business Wins:
Silverbullet has successfully secured 20 new contract wins in the first half of the year, reflecting the Company’s strong market position and the growing demand for its innovative products and services. These new contract wins include multinational brands from industry-leading companies across various sectors and represent committed new business revenues of approximately £1.2 million to date.
Notably, one of the new contracts is with a global confectionery company that has entrusted Silverbullet with a worldwide mandate for its data strategy.
These new contract wins contribute to committed revenues in FY 2024 representing nearly 70 per cent. of the full-year revenue target, demonstrating the Company’s strong progress and ability to attract and retain high-profile clients.
Working Capital Facility:
As mentioned in the full year results, Silverbullet is also pleased to report that it has secured a working capital facility to enable the Company to continue to meet its strategic objectives. Additional liquidity has been obtained through a US$1 million receivables discounting facility, which is expected to support cash flow management and the continued growth of revenues from large global customers with longer payment terms for the remainder of the year, underscoring our commitment to maintaining a solid financial foundation and achieving positive operating cashflow in H2 2024.
Ian James, CEO of Silverbullet, commented:
“I am pleased to report that we have secured 20 new logos since the beginning of the year. The new contracts include multinational brands that have entrusted Silverbullet to service their upcoming growth strategies, providing robust validation that our strategy is being well adopted as we focus on our clients’ intelligent data utilisation in this privacy-centric era.
“Our new working capital facility further strengthens our financial position, providing us with the necessary liquidity to support our expanding global customer base and reducing the need for additional fundraising. This facility is a testament to our robust financial management and strategic planning.
“We are confident in our ability to meet full-year management expectations and our commitment to achieving a positive EBITDA run rate during the second half of the year, along with positive operating cashflow. Our committed revenues represent a significant portion of our annual budget and we look forward to continuing this momentum and updating the market in due course.”
