Silver Bullet Data Services secures 20 new contract wins in H1

AI-driven advertising solutions group Silver Bullet Data Services said on Monday that it has secured 20 new contract wins throughout the first half of its trading year.

Silver Bullet said the contract wins reflected its "strong market position and the growing demand for its innovative products and services", with the new contract wins including multinational brands from industry-leading companies across various sectors and representing committed new business revenues of approximately £1.2m to date.

The AIM-listed group highlighted that the new contract wins contribute to committed revenues in FY24, representing nearly 70% of its full-year revenue target, demonstrating Silver Bullet's "strong progress" and ability to attract and retain high-profile clients.

Silver Bullet also added that it has secured a working capital facility to help it meet strategic objectives, with additional liquidity being obtained through a $1.0m receivable discounting facility, which was 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.

Chief executive Ian James said: "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."

As of 1030 BST, Silver Bullet shares had surged 30.67% to 98.0p.

Reporting by Iain Gilbert at Sharecast.com