Brave Bison Group (BBSN) Trading Update summary

Financial performance highlights

• Net revenue for FY24 reached £21.3m, up 2% year-on-year and 8% excluding US operations, surpassing market expectations.

• Adjusted EBITDA grew 5% to £4.5m, and adjusted profit before tax rose 8% to £3.9m, both ahead of upgraded forecasts.

• Net cash at year-end stood at £7.5m, a 10% increase, with a £3m undrawn revolving credit facility for added liquidity.

• Over five years, net revenue increased 4.3x, driven by four acquisitions and strong integration.

• Adjusted EBITDA margins improved to 21% from nil, and basic EPS grew from a loss to 0.30p.

Strategic developments and acquisitions

• Acquisition of Engage Digital Partners completed in January 2025, expanding presence in India and Australia.

• Engage's London office has been integrated, with full systems migration expected by end of H1 2025.

• £10.9m raised through equity issuance over five years, supporting ongoing acquisition strategy.

Outlook and operational focus

• Board remains comfortable with current market forecasts for FY25.

• Continued focus on technology enablement, integration, and cost control to drive future growth.

• Net cash reserves positioned for further accretive acquisitions.