Brave Bison eyes benefits of weaker sterling

Online digital media broadcaster Brave Bison has reduced its first-half underlying loss, and said going forward it stands to benefit from sterling's slide since the non-binding UK vote to quit the European Union.

After the 23 June vote, sterling tested 31-year lows against the US dollar.

“The board notes the volatility in the value of the British pound," said chief executive Ashley Mackenzie.

"With approximately 75% of the group's revenues generated in other currencies the group's reported results stand to benefit on translation from a weaker British pound," he added.

In a trading update for the six months to end-June, Brave Bison booked net revenues up 38% on the year to £9.7m. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) loss narrowed 84% to £800,000, from £5.2m.

"We are delivering well against our plan and have a growing sense of confidence about the future. The business is undergoing a transformation from a third-party technology provider to a social video broadcaster," said Mackenzie.

"Following our recent re-launch as Brave Bison, we are now being recognised as a disruptive global digital media company with intellectual property ownership, social talent and scaled distribution on social platforms as core pillars."

Shares in AIM listed Brave Bison were up 13.78% to 4.81p at 16:30 BST.