Silver Bullet Data Services Grp PLC Trading Update and Working Capital Facility

RNS Number : 3727J

Silver Bullet Data Services Grp PLC

24 October 2024

Silver Bullet Data Services Group plc

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

Trading Update and Working Capital Facility

Silverbullet (AIM: SBDS), a provider of AI driven digital transformation services and products, is pleased to provide the following trading update.

Highlights

·	Silverbullet has achieved record-breaking monthly revenue in September in line with management expectations, providing significant confidence of trading EBITDA positive from October.

·	Silverbullet has successfully secured a working capital facility allowing the Company to fully execute its growth strategy through FY25.

As mentioned in the Company's interim results published on 11 September 2024, the second half of the year has started particularly strongly, with new global contracts and strong visibility on full-year revenues. This momentum has continued as the Group delivered record-breaking revenue in September 2024 and remains on track to achieve an EBITDA positive run rate from October 2024 onwards.

The Company is also pleased to announce that it has secured a new working capital facility, ensuring support for its growth strategy through FY25. The funding takes the form of a receivables backed revolving credit facility, initially for £2m with up to £4m available over 24 months with eligible receivables over both UK and international invoices. The Board expects the facility to provide sufficient working capital for the business as it achieves its goal of an EBITDA positive run rate.

Ian James, CEO of Silverbullet, commented:

"We are delighted that the Company has continued to secure new global contracts resulting in a record trading month for the business. In addition, the new working capital facility announced today eliminates the need for any additional funding to cover operational working capital, providing a strong foundation for continued expansion."

For further information please contact:

Silverbullet		via IFC
Ian James (CEO) / Chris Ellis (CFO)

Strand Hanson Limited - Financial and Nominated Adviser		0207 409 3494
James Spinney / James Bellman / Robert Collins

Zeus Capital Limited - Joint Broker		0203 829 5000
Simon Johnson / Jake Walker
CMC Markets - Joint Broker		0203 003 8632
Douglas Crippen

IFC Advisory		020 3934 6630
Graham Herring / Tim Metcalfe / Florence Chandler		07793 839 024

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

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