Brave Bison Group (BBSN) Trading update summary

Financial performance highlights

• Net revenue reached £33.5m for FY25, a 57% increase year-on-year and above consensus expectations.

• Adjusted EBITDA rose to £6.5m, up 44% from FY24, and adjusted profit before tax increased 41% to £5.5m, both ahead of consensus.

• Year-end net cash stood at £4.3m, significantly surpassing consensus, despite being lower than the previous year due to acquisition funding.

Outlook and strategic direction

• Strong H2 FY25 trading positions the group to repay all outstanding bank debt before the end of 2026, ahead of prior expectations.

• Excess free cash flow will be allocated to further acquisitions and potential dividend payments, in line with capital allocation policy.

• FY26 consensus expectations are for £45m net revenue and £9.4m adjusted EBITDA.

• Revenue and profit are expected to be more weighted to the second half of each year due to the timing of MiniMBA courses.