Brave Bison Group (BBSN) Trading update summary

Financial performance highlights

• Net revenue rose 97% year-on-year to £23.7 million for H1 2026, with adjusted EBITDA up 87% to £4.2 million.

• Net cash position reached £4.7 million, reflecting strong cash generation despite a large loan in 2025.

• Profitability and revenue exceeded budget and Board expectations, driven by MiniMBA, performance marketing, and Sport & Entertainment.

• Scalable, platform-based solutions contributed 46% of divisional EBITDA and 33% of net revenue, highlighting high-margin operations.

• No contribution or revaluation from the 28% stake in System1 Group plc included in these results.

Business developments and outlook

• MiniMBA achieved over 20% organic growth cohort-to-cohort, structurally weighting profitability to H2.

• New business wins included Nestle, Omnicom, ServiceNow, Heineken, Zoopla, McLaren, and Nature's Menu.

• Insights practice faced headwinds due to client budget impacts from the Middle East crisis.

• Full-year expectations remain in line with previous guidance, with further cash generation anticipated in H2 barring new acquisitions.

Company profile and operations

• Operates across eight countries with approximately 350 staff in key global hubs.

• Three divisions: Consultancy & Marketing Services, Sport & Entertainment, and Marketing Skills & Capabilities (MiniMBA).

• Largest shareholder in System1 Group plc, a marketing research platform listed on AIM.