 saw shares fall nearly 15 percent, after a full-year trading update failed to boost confidence){kind=link}
Independent digital media broadcaster Brave Bison (LON: BBSN) saw shares fall nearly 15 percent, after a full-year trading update failed to increase investor confidence in the company.
The update contained several positive figures, including a 38 percent increase in revenue growth in the first half of 2016, alongside a 22 percent boost in net revenue year-on-year.
The implementation of cost-cutting measures saw gross profit hit a total of £7.7 million, up from £6.1 million the previous year. Adjusted EBITDA loss was also reduced by 79 percent year-on-year, from £8.7 million to £1.8 million.
However looking ahead, the group took a less positive stance. In a statement, Brave Bison said:
“Revenues in 2017 will follow the difficult trend established in the latter part of 2016 and are expected to be substantially lower than those achieved in 2016 due to two material contract losses at the end of 2016 and the potential discontinuance of certain low margin business.
“The group is now largely focussed on higher margin products in line with the stated strategy of moving up the value chain. The overall impact of the above is that it is expected to take a little longer than originally anticipated to achieve profitability.”
Brave Bison is the largest multi-platform video network in the world outside North America, with clients including Coca Cola, P&G, Microsoft, 20th Century Fox, CNBC, Universal Pictures and Google. Shares in the company were down 13.60 percent at 1.62 in Friday afternoon trading (1346GMT).