Silverbullet reports solid first quarter revenue growth

Data service provider Silverbullet reported over 100% year-on-year first-quarter revenue growth in an update on Tuesday, with a record £2m of revenue booked.

The AIM-traded firm said that was achieved with a cost base that was broadly in line with the comparable prior-year period, which it put down to its cost management measures.

It highlighted strong growth across key markets, including the UK, US and Australia.

The company's contextual insights and targeting platform, '4D', continued to gain momentum, with significant new revenue generated in the US.

New clients in the region included a “market-leading insurance company”, a “global electronics manufacturer” and a US government body.

The company's existing client base also remained strong, with notable global clients such as Heineken, Sony and Mars Incorporated.

In the fourth quarter of 2022 and the first quarter of 2023, Silverbullet signed £5.2m worth of new bookings and contract renewals with blue-chip clients, providing it with significant visibility for expected revenues for the full year.

Silverbullet said its success in the first quarter was driven by both new and existing customers across the three key markets, with more than 30% of group revenue generated in the US market.

“We are delighted by the strong performance of the business in the first quarter, which follows on from a strong fourth quarter in 2022,” said chief executive officer Ian James.

“Growth in revenue in 4D is particularly pleasing, as we continue to see heightened demand for this product.”

James said further booked revenues, and the ongoing benefit of the cost management programme implemented last year, provided the board with increased visibility and confidence in its business strategy.

“We look forward to updating the market on further developments in due course.”

Reporting by Josh White for Sharecast.com.