Brave Bison Group

BBSN · AIM · Media · mcap £91m · 76.5p

Brave Bison is a UK-listed digital advertising, marketing and technology services group, with social media, performance marketing and sports agencies. It also runs MiniMBA, an online marketing training business.

Target	Promise	Said	Status
2023
31 Dec 2023	Meet FY23 market expectations of £3.1m adjusted profit before tax and deliver expected growth into FY24.	13 Nov 2023	✓ Kept
	“Brave Bison will meet current-year market expectations of £3.1 million Adjusted Profit Before Tax, and of delivering on market expectations for growth into FY24.” How it developed 13 Nov 2023 Said “Brave Bison will meet current-year market expectations of £3.1 million Adjusted Profit Before Tax, and of delivering on market expectations for growth into FY24.” 23 Jan 2024 ✓ Kept “Adj. Profit Before Tax of not less than £3.6m (FY22: £2.6m), growth of 38% year-on-year, both results ahead of market expectations” 27 Jan 2025 ✓ Kept “Adj. Profit Before Tax of not less than £3.9m (FY23: £3.6m), growth of 8% year-on-year and ahead of recently upgraded forecasts” Result FY23 adjusted PBT was £3.6m, ahead of expectations; FY24 adjusted PBT rose to £3.9m, ahead of expectations. “Adj. Profit Before Tax of not less than £3.6m (FY22: £2.6m), growth of 38% year-on-year, both results ahead of market expectations”23 Jan 2024 · Trading Update “Adj. Profit Before Tax of not less than £3.9m (FY23: £3.6m), growth of 8% year-on-year and ahead of recently upgraded forecasts”27 Jan 2025 · Trading Update
2024
30 Sep 2024	Release H1 2024 trading update in July and interim results in September 2024.	19 Jun 2024	✓ Kept
	“Brave Bison intends to release a trading update for the half-year period in July 2024” How it developed 19 Jun 2024 Said “Brave Bison intends to release a trading update for the half-year period in July 2024” 22 Jul 2024 ✓ Kept “Brave Bison, the digital advertising and technology services company, today provides a trading update for the six-month period ended 30 June 2024.” 9 Sep 2024 ✓ Kept “Brave Bison, the digital advertising and technology services company, today reports its unaudited interim results for the six months ended 30 June 2024.” Result H1 trading update issued 22 July 2024 and interim results on 9 September 2024. “Brave Bison, the digital advertising and technology services company, today provides a trading update for the six-month period ended 30 June 2024.”22 Jul 2024 · Trading Update “Brave Bison, the digital advertising and technology services company, today reports its unaudited interim results for the six months ended 30 June 2024.”9 Sep 2024 · Half-year Results
31 Dec 2024	Meet FY24 market expectations of £21.0m net revenue and £4.2m adjusted EBITDA, later guided to be ahead.	22 Apr 2024	✓ Kept
	“With adj. EBITDA of £2.1m in H1, an increase of 20% YoY, we expect to deliver results ahead of market expectations.” Also stated 9 Sep 2024 How it developed 22 Apr 2024 Said “Market expectations for FY24 are to deliver net revenue of £21.0m and Adj. EBITDA of £4.2m” 9 Sep 2024 Said “With adj. EBITDA of £2.1m in H1, an increase of 20% YoY, we expect to deliver results ahead of market expectations.” 27 Jan 2025 ✓ Kept “Group Net Revenue of not less than £21.3m (FY23: £20.9m), growth of 2% year-on-year and marginally ahead of market expectations.” Result FY24 net revenue £21.3m and adjusted EBITDA £4.5m, reported ahead of market expectations. “Group Net Revenue of not less than £21.3m (FY23: £20.9m), growth of 2% year-on-year and marginally ahead of market expectations.”27 Jan 2025 · Trading Update “Adj. EBITDA of not less than £4.5m (FY23: £4.3m), growth of 5% year-on-year and ahead of recently upgraded forecasts”27 Jan 2025 · Trading Update
31 Dec 2024	H2 2024 cash inflow above £2.0m, taking net cash to at least £9m by year end.	22 Jul 2024	✗ Missed
	“Cash inflow in H2 2024 is expected to exceed £2.0m, driven by large customer receipts in July and August” Also stated 9 Sep 2024 How it developed 22 Jul 2024 Said “Cash inflow in H2 2024 is expected to exceed £2.0m, driven by large customer receipts in July and August” 9 Sep 2024 ✗ Missed “Net cash is expected to increase to at least £9m by year end” 9 Sep 2024 Said “Net cash is expected to increase to at least £9m by year end” 27 Jan 2025 ✗ Missed “Net cash of £7.5m as at 31 December 2024, an increase of £0.7m year-on-year (FY23: £6.8m) and reflecting the acquisition of Engage Digital Partners” Result Net cash at end-2024 was £7.5m, below the £9m guided (about £7.0m expected after the Engage deal). “Net cash is expected to increase to at least £9m by year end”9 Sep 2024 · Half-year Results “Net cash of £7.5m as at 31 December 2024, an increase of £0.7m year-on-year (FY23: £6.8m) and reflecting the acquisition of Engage Digital Partners”27 Jan 2025 · Trading Update
2025
9 Nov 2025	News UK to invest a further £0.2m in on-market share purchases within six months of completion.	10 Apr 2025	✗ Missed
	“News UK has committed to making a further investment of £0.2 million in acquiring additional Brave Bison ordinary shares via on-market purchases in the six months following completion” How it developed 10 Apr 2025 Said “News UK has committed to making a further investment of £0.2 million in acquiring additional Brave Bison ordinary shares via on-market purchases in the six...” 30 Jul 2025 ✗ Missed “Resulting situation on the date on which threshold was crossed or reached \| 2.100000 \| 0.000000 \| 2.100000 \| 2000000” Result News Corp UK & Ireland's holding fell to 2.1% in July 2025, not up. “Resulting situation on the date on which threshold was crossed or reached \| 2.100000 \| 0.000000 \| 2.100000 \| 2000000”30 Jul 2025 · Holding(s) in Company
31 Dec 2025	Builtvisible acquisition to be accretive in FY25.	27 Mar 2025	⏱ Overdue – no update
	“The Acquisition is expected to be accretive in the current financial year.” Result The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
31 Dec 2025	FY25 revenue and adjusted profitability to exceed market expectations.	10 Apr 2025	✓ Kept
	“the Board now expects the Group to exceed current market forecasts for FY25 and increases Board expectations for FY26” Also stated 11 Sep 2025 How it developed 10 Apr 2025 Said “the Board expects revenue and adjusted profitability for FY25 to exceed current market expectations” 11 Sep 2025 ✓ Kept “As a result of stronger than anticipated trading in the second half of 2025 and the acquisition of MTM announced separately today, the Board now expects the...” 11 Sep 2025 Said “the Board now expects the Group to exceed current market forecasts for FY25 and increases Board expectations for FY26” 30 Apr 2026 ✓ Kept “Net revenue of £34.1m (FY24: £21.3m), Adj. EBITDA of £6.8m (FY24: £4.5m) and Adj. profit before tax of £5.6m (FY24: £3.9m), all ahead of recently upgraded...” Result FY25 net revenue £34.1m and adjusted EBITDA £6.8m were reported ahead of expectations. “As a result of stronger than anticipated trading in the second half of 2025 and the acquisition of MTM announced separately today, the Board now expects the Group to exceed current market forecasts for FY25”11 Sep 2025 · Half-year Results “Net revenue of £34.1m (FY24: £21.3m), Adj. EBITDA of £6.8m (FY24: £4.5m) and Adj. profit before tax of £5.6m (FY24: £3.9m), all ahead of recently upgraded consensus expectations”30 Apr 2026 · Final Results
31 Dec 2025	The Fifth to generate positive contribution in FY25.	10 Apr 2025	⏱ Overdue – no update
	“the acquisition is expected to generate positive contribution for Brave Bison in the current financial year” Result The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
2026
2 Jun 2026	Provide LTIP details to shareholders by 2 June 2026.	18 May 2026	✓ Kept
	“the Company will provide further details on its proposed Long Term Incentive Plan ("LTIP") to shareholders by no later than 2 June 2026” How it developed 18 May 2026 Said “the Company will provide further details on its proposed Long Term Incentive Plan ("LTIP") to shareholders by no later than 2 June 2026” 1 Jun 2026 ✓ Kept “the Company announces the terms of the proposed 2026 Brave Bison Long Term Incentive Plan (the "LTIP").” Result The 2026 LTIP proposal was published on 1 June 2026. “the Company announces the terms of the proposed 2026 Brave Bison Long Term Incentive Plan (the "LTIP").”1 Jun 2026 · Proposed Long Term Incentive Plan “Further to the Company's announcement of 18 May 2026 and publication of notice of the Company's annual general meeting to be held on 17 June 2026 (the "AGM"), the Company announces the terms of the proposed 2026 Brave Bison Long Term Incentive Plan (the "LTIP").”1 Jun 2026 · Proposed Long Term Incentive Plan
30 Jun 2026	Be in a net cash position at 30 June 2026.	30 Apr 2026	✓ Kept
	“The Board expects to be in a net cash position at 30 June 2026 following continued cash generation” How it developed 30 Apr 2026 Said “The Board expects to be in a net cash position at 30 June 2026 following continued cash generation” 8 Jul 2026 ✓ Kept “Net cash of £4.7 million (unaudited)” Result Net cash was £4.7m at 30 June 2026. “Net cash of £4.7 million (unaudited)”8 Jul 2026 · Trading Update
31 Jul 2026	Loss-making acquisitions to contribute positively within 12 months of completion.	11 Sep 2025	⏱ Overdue – no update
	“both of which were loss-making at the time of completion but are expected to contribute positively within 12 months” Result The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
Today · 16 Oct 2026
31 Dec 2026	Repay all outstanding bank debt before the end of 2026.	13 Jan 2026	… In progress
	“the Board now expects to be in a position to repay all outstanding bank debt prior to the end of 2026” Status so far Not yet due.
31 Dec 2026	FY26 net revenue and adjusted EBITDA to exceed consensus expectations.	30 Apr 2026	… In progress
	“The Board expects net revenue and Adj. EBITDA to exceed current consensus expectations for FY26” Also stated 26 Aug 2026 How it developed 30 Apr 2026 Said “The Board expects net revenue and Adj. EBITDA to exceed current consensus expectations for FY26” 26 Aug 2026 Said “Trading remains in-line with the Board's expectations, and as previously announced, weighted to the second half as MiniMBA's course calendar runs April to...” Status so far Not yet due.
31 Dec 2026	MiniMBA to grow organically by over 18% in FY26.	30 Apr 2026	… In progress
	“MiniMBA, the Group's training and eLearning platform, is forecast to grow organically by over 18% compared to the previous year” Status so far Not yet due.
2028
31 Jul 2028	Bison CVR pays 20p cash if the share price is 94p or below after FY27 results.	7 Oct 2026	… In progress
	“the volume weighted average price of a Brave Bison Share is 94 pence or lower for the 60 trading days following publication of Brave Bison's financial year 2027 final results” Status so far Not yet due.