Trading Update
Brave Bison Group PLC reported a strong trading update for the six months ended 30 June 2026, with net revenue increasing by 97% year-on-year to £23.7 million and Adjusted EBITDA rising by 87% to £4.2 million. The company achieved a net cash position of £4.7 million, up 22% from the previous year, driven by accretive acquisitions and significant organic growth, particularly in its MiniMBA offering which saw over 20% cohort growth. Despite some impact on its insights practice due to the Middle East crisis, overall profitability is in line with expectations, and the company secured new business wins with major clients including Nestle, ServiceNow, and Heineken.
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Net cash of £4.7 million (unaudited)
Brave Bison, the next-generation marketing and technology partner for global brands, provides a trading update for the six-month period ended 30 June 2026.
Oliver Green, Executive Chairman, commented:
"As a result of accretive acquisitions and strong organic growth, notably at MiniMBA which grew organically by over 20% cohort-to-cohort, we are pleased to report net revenue growth of 97% year-on-year, and an increase in Adjusted EBITDA of 87%. Despite taking our largest-ever loan in 2025, the Company is now in a net cash position, and we expect further cash generation in the second half of the year, absent any additional acquisitions"
| Unaudited Not-less-than Results | H1 26 | H1 25 | % Chg. | FY25 | |
|---|---|---|---|---|---|
| Net Revenue | £m | 23.7 | 12.0 | +97% | 34.1 |
| Adj. EBITDA (1) | £m | 4.2 | 2.3 | +87% | 6.8 |
| Net Cash (2) | £m | 4.7 | 3.9 | +22% | 4.3 |
- Adj. EBITDA is defined as earnings before interest, taxation, depreciation and amortisation, and after adding back acquisition costs, restructuring costs and share-based payments
- Net Cash excludes lease liabilities
- Net revenue for the first half was ahead of budget and Board expectations, with outperformance driven by MiniMBA, performance marketing and Sport & Entertainment activities. This was marginally offset by our insights practice which has seen client budgets negatively impacted by the Middle East crisis
- Profitability in the first half was in line with budget and Board expectations for the full year remain in line with previous guidance. The first cohort of MiniMBA runs April to July, therefore profitability is structurally weighted towards the second half of the year
- Scalable, platform-based solutions delivered 46% of Group divisional EBITDA and 33% of net revenue in H1, reflecting the high-margin, low marginal cost economics of this part of the business
- New business wins in the period include Nestle, a multi-year engagement with Omnicom, ServiceNow, Heineken, Zoopla, McLaren and Nature's Menu
- The financial results for the half-year period do not include any contribution from, or revaluation of, the Group's 28% strategic investment in System1 Group plc, despite strong trading and a substantial increase in market value
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