Brave Bison, the AI-powered digital media, marketing, and technology company that acquired Manchester agency SocialChain in a much-discussed £7.7m deal almost a year ago, has reported a 23 per cent increase in revenue for the year ending 31st December 2023.
New client wins pushed turnover up to £35m, the third consecutive year of growth since brothers Oliver and Theo Green took over the company in 2020. The company also expects pretax profit to be no less than £3.6m for the year, around a 38% YoY increase.
The strong performance, against the backdrop of a challenging advertising market, has been driven by a number of high-profile client wins including Pinterest, Purina, John Lewis Partnership, Holland & Barrett, Patreon, Warner Bros., Aer Lingus, Markel Group, Asda, Team GB, Winparts, Fiskars and Molson Coors.
Brave Bison has invested heavily in building out its AI capabilities. The company’s latest product, Scribe, uses generative AI to create content for SEO, and is already driving triple-digit increases in ROI for some of Brave Bison’s biggest clients.
The company has also undertaken a period of streamlining operations since the SocialChain (formerly Social Chain) takeover, with last year’s HY report showing a drop in headcount of around 28 per cent across the business.
SocialChain’s founders included Dragon’s Den entrepreneur Steven Bartlett and Fearless Adventures’ Dominic McGregor, and the company currently has hubs in Manchester, London and New York, and boasts a number of global clients including TikTok, KFC, Jameson, and Beats.
Chair Oliver Green said: “Our mission to become a market-leading digital advertising and technology services company has advanced notably with the acquisition of SocialChain and we are optimistic for further growth in 2024.”
Brave Bison, which is publicly listed and debt-free, has also seen its cash pile swell to £7m according to its latest figures. The company has earmarked this cash for investment into its AI strategy to fuel further growth, as well as complementary acquisitions.
Green added: “At Brave Bison, we’re committed to leveraging the rapidly accelerating world of AI to win for our clients, and we’re delighted to announce record revenue and new business in 2023. We’re continuing to invest going forward and are on the lookout to acquire new capabilities that will advance our ambition to become the leading digital media, marketing, and technology company for the AI age.”
Brave Bison Group shares on AIM were up 16% at 2.14 pence on the news this morning.
