B90 Holdings plc (AIM: B90), an online marketing company for the gaming industry, specialised in customer acquisition, is pleased to announce its unaudited interim results for the six months ended 30 June 2024 (“H1 2024”).
The development and initial rollout of the Company’s turnaround strategy of leading the Company into its next stage of corporate growth is now complete and the business has traded on a positive EBITDA every month of this year so far, with its innovative marketing initiatives progressing well. The results for the period are also available on B90’s website at www.b90holdings.com.
The Company’s final results for the financial year ended 31 December 2024 are expected to meet current market forecasts, with further growth anticipated in FY 2025 as the operational efficiency of the Group’s business model becomes increasingly evident.
Operational Highlights
- Business Advancements: Completed a strategic shift in operations, away from a business-to-consumer (“B2C”) model.
- B2B Focus: Continued expansion of business-to-business (“B2B”) partnerships and enhancement of digital marketing capabilities.
- Operations: Transitioned the online sportsbook and casino operations to an outsourced white label solution, allowing the Company to focus solely on marketing activities.
- Successful Euros 2024 Campaign: The Euros 2024 football tournament provided an excellent opportunity to engage with key audiences. Promotional activities and numerous marketing campaigns across multiple channels during the event produced strong results.
- Cost Optimisation: Maintained stringent and diligent cost controls to drive further profitability and long-term revenue growth.
Financial Highlights
- Revenue Performance: Revenues for H1 2024 amounted to €1.4 million, reflecting an 83% increase compared to the same period in 2023, attributable to the strategic shift and cost restructuring efforts that commenced in Q4 2023 and completed early 2024.
- EBITDA: The business maintained a positive EBITDA for each month in H1 2024, resulting in a €0.2 million EBITDA for the period, demonstrating the success of its cost optimisation and revenue generation strategies. This positive trend has also continued through July and August 2024.
- Net Results: Taking into account amortisation and share-based payment expenses, the net operating result shows a loss for H1 2024 of €0.3 million, compared to a loss of €1.8 million in the same period last year.
Ronny Breivik, Executive Chairman of B90 Holdings plc, commented:
“This has been a transformational six months for B90, with the Group achieving consecutive months of profitability at the EBITDA level, marking a significant milestone as we build a strong foundation for sustainable growth. This EBITDA profitability has continued into the second half, and I am confident that our sustained focus on B2B operations and strategic investments will lead to long-term growth and value for our shareholders.”
“Looking ahead, we are optimistic about the future of B90. Our management team delivered on several key operational milestones, setting the stage for further growth in H2 2024 and FY 2025. Our focus on B2B operations, coupled with a strengthened management team and strong advisory board, positions us well to achieve our goal of remaining EBITDA profitable and driving substantial shareholder value.”
Settlement of fees
One of the Company’s advisers has requested settlement of their fees in shares. The Company has agreed to settle an amount of £45,000 through the issue of new ordinary shares at the closing market price on 20 September 2024, being £0.043, resulting in the issue of 1,046,512 new ordinary shares (the “Shares”).
Application will be made for the 1,046,512 Shares to be admitted to trading on AIM (“Admission”). It is expected that Admission will become effective and dealings in the New Shares will commence at 8.00 a.m. on or around 27 September 2024.
Total voting rights
On Admission, the Company’s total issued share capital will consist of 440,564,739 Ordinary Shares with voting rights. On Admission, the abovementioned figure of 440,564,739 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, B90 under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
