Brave Bison (LSE:BBSN) delivered strong growth during the first half of 2026, with net revenue almost doubling and adjusted profit before tax more than doubling as acquisitions and organic expansion strengthened performance across the group.
Net revenue increased to £23.9 million, while adjusted profit before tax rose 120% to £4.1 million. Growth was supported by accretive acquisitions, a strong contribution from the sport and entertainment division and double-digit organic growth from the MiniMBA business.
Adjusted basic earnings per share increased 31%, while statutory profit before tax also improved significantly. The group’s net cash position strengthened during the period, alongside a continued focus on reducing debt.
Platform-based businesses increase contribution
Brave Bison continued its strategic move towards scalable, higher-margin platform-led products and services during the first half.
Platform-based solutions accounted for 32% of group net revenue and contributed 41% of divisional EBITDA, demonstrating their increasing importance to the company’s earnings mix.
MiniMBA recorded strong commercial momentum, securing record contract wins during the period. These included a multi-year agreement with Omnicom, supporting the marketing training platform’s expansion among major international advertisers and agencies.
The company is also investing in artificial intelligence capabilities, including development of its BBx operating platform, as it seeks to improve efficiency and expand the technology component of its offering.
System1 offer expands Brave Bison’s ambitions
Brave Bison has also taken significant steps towards expanding its presence in marketing research and advertising effectiveness.
The group acquired approximately 28% of System1 before subsequently launching a firm offer to acquire the remaining shares in the business.
System1’s behavioural science and data analytics capabilities could complement Brave Bison’s existing marketing services and MiniMBA training operations, potentially creating a broader offering for global brands.
The proposed combination reflects Brave Bison’s strategy of building a more integrated marketing and technology group with exposure to services, training, data and scalable intellectual property.
Trading remains in line with expectations
Management said current trading remains consistent with expectations, although financial performance is expected to be weighted towards the second half of the year.
Brave Bison’s wider outlook is supported by its improving financial position, stronger revenue growth and relatively low leverage. Positive share-price momentum and an established technical uptrend provide additional support.
However, the company’s valuation remains relatively demanding, with a high price-to-earnings multiple and a low dividend yield. Historical volatility in profitability and cash generation also means continued execution will be important in demonstrating the sustainability of recent growth.
The progress of the System1 transaction, further expansion of MiniMBA and increasing adoption of platform-led services are therefore likely to remain important factors in the group’s longer-term development.
More about Brave Bison
Brave Bison is a marketing and technology group providing services, training and media solutions to major global advertisers.
The company operates across eight countries with approximately 350 employees. Its activities span consultancy and marketing services, sport and entertainment content monetisation and marketing skills development through its MiniMBA e-learning platform.
Brave Bison is also the largest shareholder in System1, a UK-based marketing research platform that applies behavioural science and data analytics to help companies assess and improve advertising effectiveness.
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