Online video and marketing firm Brave Bison Group PLC (LON:BBSN) has significantly narrowed its underlying losses in the first half of the year, thanks in part to the currency volatility created by last month’s Brexit vote.

The company – formerly known as Rightster – says that because around 75% of its revenues are generated in other currencies, the weaker sterling has had a positive effect on its interim results.

Brave Bison also hailed its recent internal restructuring as another reason for the improved perofrmance.

In the six months to June, the firm’s adjusted underlying loss fell to £0.8mln, an 84% decrease compared to the same period last year (2015: £5.2mln).

The restructuruing and currency tailwinds also contributed to a 38% rise in net revenue for the first half of the year to £9.7mln, compared to £7mln a year earlier.

“Following our recent re-launch as Brave Bison, we are now being recognised as a disruptive global digital media company,” said chief executive Ashley MacKenzie.

“The business is undergoing a transformation from a third-party technology provider to a social video broadcaster [and] we are delivering well against our plan.”

The social video broadcasting specialist added that it had £8.4mln in cash at the end of June.

It rebranded itself as Brave Bison back in May as it set about re-aligning its business, explaining at the time that the name change would challenge the way the company is thought of by brands and commercial partners.

 Shares were up 0.85p, or 20%, to 5.1p.

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