Silver Bullet narrows loss amid strong revenue growth and falling costs

(Alliance News) - Silver Bullet Data Services Group PLC on Wednesday boasted of strong financial results, driven by its expansion into the US market.

Silver Bullet is a London-based provider of marketing services that use artificial intelligence to help brands better understand the data they collect to improve customer experiences.

Its pretax loss narrowed to GBP3.5 million in 2023 from GBP7.5 million in 2022, as revenue jumped 44% to GBP8.4 million from GBP5.8 million.

In particular, Silver Bullet's 4D solution, an AI contextual data platform, increased revenue 85% to GBP2.8 million from GBP1.5 million on the back of increased US demand.

Performance was further bolstered by cost reductions, with personnel costs cut to GBP6.0 million last year from GBP8.1 million in 2022.

Chief Executive Officer Ian James said: "Looking ahead, our post-period end highlights paint a promising picture, with total bookings at approximately GBP6.2 million and a robust pipeline exceeding GBP4 million."

Silver Bullet expects to achieve a positive earnings before interest, taxes, depreciation and amortisation run rate entering the second half of 2024, while generating overall positive operating cash flows in the current year as a whole.

Silver Bullet shares were down 8.0% to 80.50 pence each in London on Wednesday morning.

By Elijah Dale, Alliance News reporter

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