Shares of Silver Bullet Data Services Group fell 12% on Thursday, following the announcement of its first-half results. The company reported a pretax loss of £1.8 million ($2.2 million), an improvement from the £3.8 million loss it suffered the previous year.
The Group's revenue rose to £4.2 million, driven by service expansion in the U.S., U.K., and APAC markets and new logo wins. The Ebitda loss also narrowed to £1.2 million from £3.4 million, indicating a positive trend for the company despite its ongoing losses.
Despite facing funding uncertainties, the directors of Silver Bullet Data Services Group remain hopeful about the company's financial trajectory. The CEO, Ian James, anticipates increased U.S revenue in the second half of 2023 and expects to achieve positive Ebitda by 2024.
This optimism is anchored in the company's successful service expansion across multiple markets and new business wins, which have contributed to its increased revenue. Despite the recent dip in share price, these factors could potentially set the stage for a stronger financial performance in the future.
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