Brave Bison Group (BBSN) H2 2024 earnings summary

Executive summary

• Achieved fourth consecutive year of growth in net revenue, adjusted EBITDA, and adjusted EPS for FY24, with net revenue up 2% to £21.3m (8% excluding U.S. operations) and adjusted EBITDA margin at 21%.

• Completed three acquisitions in 2025: Engage (sports marketing), Builtvisible (SEO agency), and The Fifth (influencer marketing), with strong integration progress and cross-selling opportunities.

• Announced maiden dividend of £0.3m, first in 12 years, reflecting a new approach to capital allocation and shareholder returns.

• Maintained strong client relationships with global brands like New Balance and SharkNinja, and expanded into new markets and service offerings, particularly in AI-driven marketing solutions.

• Statutory profit before tax rose 76% to £2.0m year-over-year.

Financial highlights

• Net revenue grew 2% year-over-year to £21.3m (8% excluding U.S. operations); adjusted PBT reached £3.9m, statutory PBT £2m.

• Adjusted EBITDA increased 5% to £4.5m, with a 21% margin; adjusted PBT margin at 18%.

• Net cash at year-end was £7.5m, up 10% year-over-year, dropping to £5m post-acquisitions, with a £3m undrawn revolving credit facility available.

• Operating cash flow was £1.6m, with acquisition payments of £0.7m and minimal tax payments due to brought-forward losses.

• Turnover/billings declined 8% to £32.8m.

Outlook and guidance

• Revenue and underlying profitability for FY25 expected to exceed current market expectations, with brokers forecasting 18% growth.

• Integration of recent acquisitions progressing well; office moves completed, systems migration by H1 end.

• Intention to consolidate shares 100:1 after consultation with institutional investors.