20th Nov 2024 14:22
(Alliance News) - Silver Bullet Data Services Group PLC on Wednesday reported positive trading as it revealed new contract wins and renewals.
The London-based provider of artificial intelligence-driven digital transformation services and products said committed full-year revenue at October 31 was up 12% to GBP9.3 million from GBP8.3 million in 2023.
October reflected a record monthly performance for the firm with its 4D AI platform securing deals with global blue chip clients including BMW AG and VISA Inc.
Its shares rose 8.1% to 53.50 pence on Wednesday afternoon in London.
Silver Bullet said it has begun the fourth quarter with positive trading earnings before interest, tax, depreciation, and amortisation.
The firm reported GBP1.5 million in combined new bookings in September and October, running through to the first quarter of next year.
Silver Bullet Chief Executive Ian James said: "I am delighted with our recent achievements and the strong momentum across the business.
"Securing GBP1.5 million in new contract wins reflects the value we are creating for clients and our team's dedication. October was our best performing month on record, enhanced by new higher margin repeatable revenue streams.
"In addition, we recently announced the completion of a new working capital facility which eliminates the need for any additional funding to cover operational working capital, providing a strong foundation for continued expansion.
By Christopher Ward, Alliance News reporter
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