Brave Bison Group (AIM:BBSN), the marketing and technology partner for global brands, reported net revenue of £23.9m for the first half, up 98% from £12m a year earlier.
Adjusted profit before tax rose 120% to £4.1m, from £1.9m in the prior-year period, while adjusted basic earnings per share climbed 31% to 3.7p.
The growth came from accretive acquisitions, strong trading in the sport and entertainment division, and double-digit organic growth at MiniMBA, the marketing training business acquired in August 2025.
Scalable, platform-based solutions, including MiniMBA, generated 41% of Group divisional EBITDA and 32% of net revenue in the period, reflecting the high-margin economics of that part of the business.
Adjusted EBITDA margin held steady at 19%, while statutory profit before tax rose to £2.1m from £0.1m.
Net cash, excluding lease liabilities, stood at £4.7m at 30 June, up from £4.3m at the end of December.
"This has been another period of momentum for Brave Bison, with net revenue nearly doubling and Adjusted PBT up 120%, both ahead of our July trading update," said Executive Chairman Oliver Green.
MiniMBA secured a multi-year agreement with Omnicom during the period, which Green said underlines the strength of the group's offering to major advertisers.
Brave Bison built a roughly 28% stake in AIM-listed System1 Group during the first half, and on 30 July announced a firm offer for the remainder of System1's shares at 327p, a premium to the 242p blended average price paid for its existing holding.
News Intelligence what this means for the company
Brave Bison delivered H1 results materially ahead of its July trading update, with net revenue up 98% to £23.9m and adjusted pre-tax profit up 120% to £4.1m. The outperformance came from accretive acquisitions and double-digit organic growth at MiniMBA, the marketing training business acquired in August 2025, which now generates 41% of divisional EBITDA despite representing only 32% of net revenue—signalling the high-margin economics driving the group's shift toward platform-based solutions. Simultaneously, Brave Bison is pursuing a 327p-per-share offer for System1 Group, in which it has built a 28% stake, a move that extends its acquisition strategy into a listed peer.
- The System1 offer, announced 30 July, sits under Takeover Panel rules requiring Brave Bison to announce firm intention to bid or walk away by 7 August 2026 at 5pm—a near-term binary event that will clarify whether the group is committing material capital to the deal or retreating.
- MiniMBA's multi-year Omnicom agreement validates the scalable platform model to major advertisers, but execution risk remains: the business must sustain double-digit organic growth and margin profile as it scales, or the group's shift toward higher-margin revenue will stall.
The results confirm Brave Bison's acquisition-led growth model is working—98% revenue growth and 120% profit growth on a steady 19% adjusted EBITDA margin show the group is scaling without margin dilution. However, the investment case now hinges on two unknowns: whether the System1 bid succeeds and at what cost to the balance sheet (net cash of £4.7m is modest relative to a full takeover), and whether MiniMBA can sustain its organic momentum as a standalone platform business within the group.
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