Silverbullet Data widens pre-tax loss to £8.5m as 4D sales record slow start

Silverbullet Data Services Group shares tumbled 28.5% to 100p in late afternoon trading on Wednesday, following a widened reported pre-tax loss of £8.5 million in FY 2020 compared to £5.2 million in FY 2021.

The group announced a gross profit climb to £2.7 million against £1.9 million in the previous year, alongside a revenue increase to £3.8 million from £2.7 million.

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Silverbullet Data also noted a loss per share of 0.73p against 0.75p year-on-year, and did not issue a dividend payout for the period.

The company secured 26 new services clients across the year, including ITV, Venture Crowd and Edyn. It also consolidated its existing services clients due to additional contract wins with Channel 4, Heineken and Dolce & Gabbana.

The group confirmed progress in its 4D contextual outcomes engine, including the delivery of a YouTube video solution. However, 4D revenue saw a slower start than anticipated as a result of Google’s delay in phasing out its third party cookies by 12 months.

Silverbullet reported that it had completed a £4.5 million fundraise to drive 4D product sales growth and boost its balance sheet FY 2022.

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“2021 was a transformational year for Silverbullet, with the completion of our IPO in June 2021. The Company has delivered strong performance in marketing services and is continuing to gain traction with our 4D offering,” said Silverbullet Data CEO Ian James.

“We are operating in a very exciting and relevant space. The value of 1st party data to clients and benefits of 4D, our contextual outcomes engine designed for a world without third-party cookies, gives us confidence that our prospects are very encouraging.

“Trading for 2022 has started well, with new customer wins and extensions of existing contracts, as well as the new joint venture with Making Science which will create new improved solutions for the privacy-first era. I look forward to the remainder of 2022 with optimism and we will be updating the market on progress in due course.”

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