Brave Bison Group (BBSN) H2 2025 earnings summary

Executive summary

• Achieved transformational growth in FY 2025, driven by five acquisitions and strong organic performance, especially in Sport & Entertainment and Consultancy & Marketing Services.

• MiniMBA, acquired in 2025, delivered over 18% year-on-year growth and outperformed Board expectations.

• AI is central to strategy, with proprietary tools like AudienceGPT and BBX enhancing efficiency and new service offerings.

• Became the largest shareholder in System1 Group PLC, reporting unrealised gains and expanding into marketing effectiveness solutions.

Financial highlights

• Net revenue rose 60% year-over-year to £34.1m, increasing over 12x since 2020, driven by acquisitions and organic growth.

• Adjusted EBITDA reached £6.8m with a margin of 19.9%, up from 0% in 2020.

• Adjusted basic EPS grew 15% to 6.9p; compound annual growth rate of 18% since 2021.

• Statutory profit before tax fell 65% to £0.7m due to acquisition-related costs; largest adjusting item was GBP 2.3 million in acquisition costs.

• Net cash at year-end was £4.3m, ahead of expectations but down 42% year-over-year due to acquisition payments.

• Net assets increased from GBP 21.3 million to GBP 39.1 million, driven by acquisition-related intangibles.

Outlook and guidance

• FY 2026 guidance upgraded, with Board expecting net revenue and adjusted EBITDA to exceed consensus.

• MiniMBA expected to continue strong organic growth of over 18%; further bolt-on and platform acquisitions planned.

• Targeting medium-term EBITDA growth from GBP 10 million to GBP 25 million.

• Consensus for FY26: net revenue £49.0m, adj. EBITDA £10.3m, adj. basic EPS 8.1p.