18 April 2023

Silver Bullet Data Services Group plc

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

Q1 Trading Update

Silverbullet (AIM: SBDS), a provider of digital transformation services and products, is pleased to provide a trading update for Q1 ended 31 March 2023.

Highlights

·    £5.2m of new bookings and contract renewals with blue chip clients, in Q4 2022 and Q1 2023

·    Q1 2023 booked record £2m revenue (unaudited) - over 100% growth on Q1 2022

·    Cost base to deliver Q1 FY23 revenue is in line with Q1 FY22

·    Strong growth across key markets: UK, US and Australia

·    4D continuing to penetrate new markets

Group trading in the first quarter has been strong with notable new business wins, resulting in year-on-year revenue growth of over 100%. This growth has been achieved from a cost base that is broadly in line with the comparable prior year period, evidencing the Company's cost management measures.

Silverbullet's contextual insights and targeting platform, '4D', continues its momentum and has gained significant new revenue in the US. New clients include a market leading Insurance Company, Global Electronics manufacturer and a US Government Body.

The RNS on 9 March 2023, reported Silverbullet continues to work with notable global clients such as Heineken, Sony and Mars and has signed £3.4m worth of new bookings and contract renewals in Q4 2022. In Q1 2023, the Company has signed £1.8m of new bookings and contract renewals. Collectively, these contracts are providing the Company with significant visibility for expected revenues for the full year.

Q1 2023 (pre-audit) was the highest revenue quarter on record for the Company, with £2 million of revenue recorded for the period. This is driven from new and exisitng customers across the three key markets of UK, US and Australia. Notably, over 30% of Group revenue in Q1 2023 was generated in the US market.

Ian James, Chief Executive, commented:

"We are delighted by the strong performance of the business in Q1, which follows on from a strong Q4 2022. Growth in revenue in 4D is particularly pleasing, as we continue to see heightened demand for this product. Further booked revenues and the ongoing benefit of the cost management programme implemented last year provide the Board with increased visibility and confidence of the business strategy. We look forward to updating the market on further developments in due course."

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About Silverbullet

Silverbullet's proprietary 4D 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 Heineken, Channel 4, Amazon and ITV 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 2023. 

Headquartered in London, the Group employs employees 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 services business with significant accumulated industry experience and a proven track record of delivering strategic projects 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.