Digital media and social video business Brave Bison’s share price jumped today as the firm reported its first-ever positive adjusted earnings figure.
The company’s revenues fell 40 per cent year-on-year to £6m, but this was anticipated in advance because Brave Bison generated significant turnover from the football tournament Euro 2016 last year.
Adjusted earnings before interest, taxation, depreciation and amortisation (Ebitda) were reported at £64,000 for the six months to 30 June, ahead of minus-£839,000 last year.
At the time of writing, Brave Bison’s share price was up six per cent to 1.28p.
Why it’s interesting
Formerly known as Rightster, Brave Bison had a tumultuous start to the year. Chief executive Ashley MacKenzie resigned in January following a “disagreement with the board”. It is understood he was pushing for the company to put itself up for sale.
In June, MacKenzie and his father, former Sun editor Kelvin MacKenzie, used their combined shareholding of eight per cent to push for Brave Bison’s chairman Sir Robin Miller and non-exec Paul Marshall to be ousted at the firm’s AGM. They failed.
The company recently launched Rebel FC, a series of videos documenting the fortunes of a football team managed by former professional footballer Rio Ferdinand.
What the company said
Kevin Deeley, Brave Bison’s chief operating and finance officer who has been acting as chief executive in MacKenzie’s stead, described the first six months of 2017 as a “game of two halves”.
“In the first quarter we were in the process of stabilising following the very well publicised departure of two executive directors. I think you know about that,” he told City A.M.
“Following that, we’ve moved on and done some excellent campaigns for our clients.”
Deeley also declined the criticise the shareholder activism of the MacKenzies.
“I’ve known them both for a long time, they both have been supportive, they remain shareholders. Their focus is and has always been on doing what’s best for the business and shareholders as a whole.”