Contract Wins and Working Capital Facility

15 July 2024

Silver Bullet Data Services Group plc

("Silverbullet" or the "Company", or, together with its subsidiaries, the "Group")

Contract Wins and Working Capital Facility

Silverbullet (AIM: SBDS), 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."

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About Silverbullet

Silverbullet's proprietary 4D AI advertising solution is designed to help advertisers target consumers in a "post cookie world". The product is a natural extension to its existing services business which already serves a blue-chip client base such as a leading UK hospitality brand and a Global Brewing company, amongst many others. The removal of third-party cookies has already been implemented by web browsers such as Firefox and Safari, with Google expected to phase out the use of cookies in 2025. 

Headquartered in London, the Group employs 75+ data specialists across five regions across the globe, including, the UK, Italy, Australia, USA and Latin America. The Group continues to look at other opportunities for expansion worldwide.

The Company has an established and growing solutions business with significant accumulated industry experience and a proven track record of delivering strategic digital transformation and activation services to its clients. The majority of the Board have held senior positions at global software companies and have significant industry experience across data engineering, SAAS product development and marketing.

The Group has close technical and commercial partnerships with multiple global technology providers, all of which have existing sales channels and are already delivering to clients.

The Group has established a strategic partnership and an entity with Local Planet, a scaled network of over 60 agencies across the globe.  Local Planet Data Services Limited was established in December 2020 and presents a significant opportunity to provide data services and the 4D product to the Local Planet agency network.