Brave Bison Group plc AIM:BBSN
- Incorporated
- United Kingdom
- Employees
- 320
- Reports in
- GBP
- Companies House
- 08754680
Read straight from the annual reports
No price history · 11 reported years, 2015–2025
No daily prices have been collected for this company.
| Line | FY201512/15 | FY201612/16 | FY201712/17 | FY201812/18 | FY201912/19 | FY202012/20 | FY202112/21 | FY202212/22 | FY202312/23 | FY202412/24 | FY202512/25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | |||||||||||
| Adjusted minus statutory PBT | — | — | — | — | — | — |
GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
11 years, at a glance
Operating profit as a share of revenue: the pence of profit in each pound of sales.
C000205-AR-2025-ch
— annual report
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Acquisitive growth (5 acquisitions in 2025: Engage, Builtvisible, The Fifth, MiniMBA, MTM)
Net revenue increased 60% to £34.1m, driven by strong organic growth and the contribution from five acquisitions completed during the year
page 4Sport & Entertainment platform revenue growth
Stand-out year for Sport & Entertainment; huge success from channels we run on behalf of global sporting federations, rights holders and media owners; Platform revenue grew from £9,584k (2024) to £23,815k (2025)
page 5Mix of recently acquired businesses initially operating at lower margins
Adjusted EBITDA margin in 2025 was 20% (2024: 21%); minor reduction due to acquisitions during the year having historically operated at lower margins, typically taking 12 months to reach scale of other businesses
page 5Investment in AI tooling and development (expensed, not capitalised)
Investing in teams focused on AI tooling and development, expected to have positive impact on margins and competitiveness in future years, but currently not capitalising these costs
page 52026 with strong momentum and confidence in our strategy, and with a clear ambition to build a distinctive, high-performing company that helps brands grow in an AI-first world, and delivers sustainable long-term value for all stakeholders.
page 4On 2 March 2026, the Group acquired a 28% direct equity interest in System1 Group plc via a share-for-share exchange with John Kearon (System1's founder and largest shareholder) plus on-market purchases totalling £1.3 million (together the 'Strategic Investment'); John Kearon issued 9,763,821 new Brave Bison ordinary shares in exchange for his 2,905,899 System1 shares at an issue price of 74 pence per new Brave Bison share, with an 18-month lock-up; blended price per System1 share acquired was 242 pence, representing an FY26e EV/EBITDA of 5.2x
page 50Directors intend to continue to pay a small dividend to shareholders alongside this, and are declaring a final dividend for the year of £0.5 million (FY24: £0.3m), equivalent to 0.44p per share (FY24: 0.4p per share), subject to ratification at AGM; priority for cash remains ongoing investment in the business to support long-term growth via bolt-on and transformational acquisitions, disciplined capital allocation
page 5Financial statements prepared on going concern basis; Directors have prepared detailed cash flow projections to 30 June 2027 based on current expectations of trading prospects, and concluded it appropriate to continue to adopt the going concern basis; Group had net cash resources of £10.5m (2024: £7.6m) at 31 Dec 2025. Auditor (Moore Kingston Smith LLP) issued an unqualified opinion that the financial statements give a true and fair view; auditor identified no material uncertainties related to going concern. Key Audit Matters: Acquisition Accounting, Incorrect revenue recognition, Valuation of intangible assets and goodwill
page 30- Dependence on key personnel and employees — continued success depends partly on performance and expertise of current and future key executives and personnel; a lack of skilled workforce could result in a drop in service levels and customer dissatisfactionp.23
- Competitive industry dynamics — Group operates in a highly complex and rapidly changing industry; inability to compete successfully against existing or future competitors could adversely affect competitive position, business, financial condition and resultsp.23
- Dependence on the operating policies of key platforms — Group generates a proportion of revenue from three international technology platforms outside its control; changes to their commercial agreements or policies could negatively impact financial positionp.23
- Foreign Currency Risk — Group is primarily exposed to foreign exchange movements in the US Dollar which could negatively impact financial position; no derivative hedging used, though there is an element of natural hedging in revenue funds flowing from YouTube and Snapchatp.23
Read from C000205-AR-2025-ch.
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Sources: Companies House (10)
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