Trading Update
Brave Bison Group PLC has announced a trading update for the year ending 31 December 2025, reporting net revenue of at least £33.5 million, a 57% increase year-on-year and ahead of consensus. Adjusted EBITDA is expected to be at least £6.5 million, up 44%, and adjusted profit before tax at least £5.5 million, up 41%, both also exceeding consensus. The company ended the year with net cash of £4.3 million, significantly ahead of expectations, and anticipates repaying all outstanding bank debt before the end of 2026, with excess free cashflow to be used for further acquisitions and dividends. The Board is comfortable with FY26 consensus expectations of £45 million in net revenue and £9.4 million in adjusted EBITDA.
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Year end net cash of £4.3m significantly ahead of consensus
Brave Bison, the next-generation marketing and technology partner for global brands, is pleased to provide the following trading update for the year ending 31 December 2025 ("FY25") ahead of publication of the Group's audited FY25 results.
Financial Highlights
| Year ending 31 December | FY25 (1) | FY24 | Change |
|---|---|---|---|
| Net Revenue | £33.5m | £21.3m | +57% |
| Adj. EBITDA (2) | £6.5m | £4.5m | +44% |
| Adj. Profit Before Tax (3) | £5.5m | £3.9m | +41% |
| Net Cash (4) | £4.3m | £7.5m | (42%) |
Subject to audit, small apparent errors due to rounding
§ Net revenue of not less than £33.5m (FY24: £21.3m), ahead of consensus expectations(5) and growth of 57% year-on-year
§ Adj. EBITDA of not less than £6.5m (FY24: £4.5m) and Adj. Profit Before Tax of not less than £5.5m (FY24: £3.9m), an increase of 44% and 41%, respectively, year-on-year and both ahead of consensus expectations(5)
§ Net cash at year end of £4.3m (FY24: £7.5m), significantly ahead of consensus expectations(5) following strong Q4 trading and an improved working capital position which is expected to partially unwind over the first half of 2026
Outlook
As a result of strong trading in the second half of FY25, the Board now expects to be in a position to repay all outstanding bank debt prior to the end of 2026, meaning that debt facilities drawn to fund acquisitions completed in H2 2025 will be repaid ahead of prior expectations.
Free cashflow generated in excess of loan repayments will be used to fund further acquisitions, and the payment of dividend(s), in-line with the Company's capital allocation policy.
The Board is comfortable with FY26 consensus expectations(5) of £45m of net revenue and £9.4m of Adj. EBITDA.
As a result of the timing of MiniMBA courses (running April to July and September to December) the Group's revenue and profit profile is now expected to be more heavily weighted to the second half of each year than has historically been the case.
- Unaudited, not less than results.
- Adj. EBITDA is defined as earnings before interest, taxation, depreciation and amortisation, and after adding back acquisition costs, restructuring costs and share-based payments. Under IFRS16 most of the costs associated with property leases are classified as depreciation and interest, therefore Adj. EBITDA is stated before deducting these costs.
- Adj. Profit Before Tax is stated after adding back acquisition costs, restructuring costs, impairments, amortisation of acquired intangibles and share-based payments, and is after the deduction of costs associated with property leases.
- Net Cash is stated before deducting lease liabilities and deferred consideration
- Company compiled FY25 consensus expectations immediately prior to this announcement: net revenue of £31.5m / Adj. EBITDA of £6.1m / Adj. PBT of £5.2m / net debt £3.6m
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.