Interim Results

Brave Bison Group PLC

26 August 2026

 

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

26 August 2026

Brave Bison Group plc

("Brave Bison" or the "Company", together with its subsidiaries "the Group")

Interim Results

Reported H1 FY26 results ahead of July 2026 trading update

98% increase in net revenue, 120% increase in Adj. PBT and

31% increase in Adj. Basic EPS

41% of Group divisional EBITDA delivered from highly scalable, platform-based solutions

Brave Bison, the next-generation marketing and technology partner for global brands, today reports its unaudited interim results for the six months ending 30 June 2026.

Commenting on the results, Oliver Green, Executive Chairman, said:

"This has been another period of momentum for Brave Bison, with net revenue nearly doubling and Adjusted PBT up 120%, both ahead of our July trading update. Our platform-based solutions, including MiniMBA, continued to deliver strong organic growth, alongside a resilient performance from our Sport & Entertainment division.

"The record multi-year agreement between MiniMBA and Omnicom announced in May 2026 underlines the strength of our offering to the world's largest advertisers, and as separately announced we have progressed to a firm offer by the Company for System1 Group plc, which we believe is in the best interests of all Brave Bison and System1 shareholders."

Financial Highlights

Unaudited	H1 2026	H1 2025	Change	FY25
Net Revenue	£23.9m	£12.0m	+98%	£34.1m
Adj. EBITDA (1)	£4.5m	£2.3m	+98%	£6.8m
Adj. EBITDA Margin	19%	19%	+0bps	20%
Adj. Profit Before Tax (2)	£4.1m	£1.9m	+120%	£5.6m
Adj. Basic EPS (3)	3.7p	2.9p	+31%	6.9p
Profit Before Tax	£2.1m	£0.1m	+1938%	£0.7m
Net Cash excl. Lease Liabilities	£4.7m	£3.9m	+21%	£4.3m

Small apparent errors due to rounding

(1)   Adj. EBITDA is defined as earnings before interest, taxation, depreciation and amortisation, and after adding back acquisition costs, restructuring costs and share-based payments

(2)   Adj. Profit Before Tax is stated after adding back acquisition costs, restructuring costs, impairments, amortisation of acquired intangibles and share-based payments, and is after the deduction of costs associated with property leases.

(3)   Adj. Profit After Tax divided by the weighted average number of ordinary shares in issue. Pursuant to a share consolidation approved by Brave Bison shareholders on 14 July 2025, the Company's issued ordinary share capital was consolidated on a 20 for 1 basis on 15 July 2025

·   Net revenue of £23.9m (H1 2025: £12.0m), growth of 98% year-on-year as a result of accretive acquisitions, strong trading in the sport & entertainment division and growth at MiniMBA which grew organically by double-digits year-on-year

·     Adj. EBITDA of £4.5m (H1 2025: £2.3m), 98% growth year-on-year and a margin of 19% (H1 2025: 19%). Adj. Profit Before Tax of £4.1m (H1 2025: £1.9m), 120% year-on-year increase as a result of consolidated acquisitions and cost synergies delivered

·    Adj. Basic EPS for the period of 3.7p (H1 2025: 2.9p), a 31% increase year-on-year. During the period 9,763,821 new ordinary shares were issued to John Kearon as part of the Company's strategic investment in System1 Group plc ("System1") at a price of £0.74 per new ordinary share and 4,081,632 new ordinary shares were issued for cash to an entity controlled by Mark Ritson, Founder of MiniMBA

·    Scalable, platform-based solutions delivered 41% of Group divisional EBITDA and 32% of net revenue in H1 2026, reflecting the high-margin, low marginal cost economics of this part of the business

·    Statutory profit before tax of £2.1m (H1 2025: £0.1m). Acquisition and restructuring costs reduced to £0.6m (H1 2025: £1.5m) but amortisation of acquired intangible assets increased to £1.4m (H1 2025: £0.2m). The Board anticipates that acquisition costs will increase in the second half of 2026

·     Net cash, excluding lease liabilities, of £4.7m at 30 June 2026 (31 December 2025: £4.3m, 30 June 2025: £3.9m). Operating cash inflow of £3.5m offset by negative working capital movements following strong cash collection in Q4 2025. £1.3m of cash was used to acquire 628,111 shares in System1 at a price of 210 pence per share, in addition to the share exchange with John Kearon

·    The strategic investment in System1 had a market value of £11.0m at 30 June 2026, based on the mid-market closing price of 312 pence per System1 share

·    Bank loan repayments of £2.6m completed in the period, with further repayments of £1.5m made in July 2026, in-line with the Group's capital allocation priorities

Strategic & Operational Highlights

·   Acquisition of c.28% of AIM-quoted System1 for a blended average purchase price of 242 pence per System1 share on 2 March 2026. A subsequent firm offer to acquire the remaining issued share capital of System1 for 327 pence per share (based on 135 pence in cash and 2.04 new ordinary shares in Brave Bison at the 20-day-volume weighted average closing share price per Brave Bison share of 94 pence per Brave Bison share on 10 July 2026, being the last business day before the commencement of the offer period) was announced on 30 July 2026 after period end

·   Record contract wins at MiniMBA, including a multi-year agreement with Omnicom the world's largest advertising holding company. Following acquisition in August 2025, Brave Bison has substantially improved the marketing, sales and product development capabilities of this category-leading marketing training business

·    Appointment of Yvonne Monaghan as non-executive director and chair of audit, adding a highly experienced ex FTSE-250 CFO to the Company's board

·    Professor Mark Ritson, Founder of MiniMBA, exercised an option to increase his beneficial interest in Brave Bison to 7%, further strengthening the partnership and providing the Company with £2m of additional capital

·   Hired Vaughan Eveleigh as VP, Product and Technology, joining from WPP where he was AI product director for WPP Open. This new role will build on the success of Brave Bison's existing AI operating platform BB^x including award-winning insight tool AudienceGPT

·    New business wins in the period include Nestlé, ServiceNow, Heineken, Zoopla, Booking.com, McLaren, Nature's Menu, Omnicom and Versuni (the holding company for Philips Domestic Appliances)

Outlook

·   Trading remains in-line with the Board's expectations, and as previously announced, weighted to the second half as MiniMBA's course calendar runs April to July and September to December

·   Following the firm offer for System1 announced on 30 July 2026, the Board remains confident in the strategic and financial rationale for combining the two businesses and will continue to communicate the merits of the offer to System1 shareholders

For further information please contact: 

Brave Bison Group plc                                                                          via Cavendish

Oliver Green, Executive Chairman                                                          

Theo Green, Chief Growth Officer 

Philippa Norridge, Chief Financial Officer 

Cavendish Capital Markets                                                                   Tel: [phone]

Nominated Adviser & Broker 

Ben Jeynes / Teddy Whiley - Corporate Finance

Michael Johnson / Sunila de Silva - ECM

About Brave Bison

Brave Bison is a next-generation marketing and technology partner to global brands. We sell services, training and media to the largest advertisers in the world. Operating across eight countries, our team of approximately 350 people is based in key hubs in the UK, US, India, Egypt and Australia, with additional remote talent across Europe.

Brave Bison operates through three divisions. Our Consultancy & Marketing Services division deploys insight-led and AI-enabled growth strategies using social and digital media, working on behalf of global brands including New Balance, Primark and Google. Our Sport & Entertainment division works with global rights holders and entertainment companies such as PGA Tour, US Open, Real Madrid and Guiness World Records to monetise content on YouTube and grow fan engagement online. Our Marketing Skills & Capabilities division comprises MiniMBA, an eLearning platform that provides MBA-level marketing education for enterprise brands such as Nestle, Carlsberg and Salesforce.

Brave Bison is the largest shareholder in System1, a UK-based marketing research platform that helps brands improve the effectiveness of their advertising using behavioural science and proprietary testing tools. Its platform combines consumer insight with data analytics to guide creative development, media planning, and brand strategy for global advertisers including TikTok, Pfizer and Ikea. System1 is admitted to trading on the AIM market of the London Stock Exchange and Brave Bison owns a c.28% shareholding. Brave Bison is System1's largest shareholder.

H1 2026 Financial & Strategic Review

The first half of 2026 has seen further progress towards our mission of becoming the marketing and technology partner of choice for global brands. We have strengthened our platform-based, scalable capabilities, delivered record performance at MiniMBA, and taken a major step forward in our strategic investment in System1.

We have also continued to diversify our shareholder base, welcoming John Kearon, the Founder of System1, as a new shareholder as part of our strategic investment, alongside a further investment from Mark Ritson, Founder of MiniMBA, who recently increased his beneficial interest in the Company to 7%.

Trading Summary

Trading in the first half of 2026 was ahead of our July 2026 trading update. Brave Bison reported net revenue of £23.9m (H1 2025: £12.0m), growth of 98% year-on-year, Adj. EBITDA of £4.5m (H1 2025: £2.3m) and Adj. Profit Before Tax of £4.1m (H1 2025: £1.9m).

Net revenue growth was driven by accretive acquisitions, strong trading in the sport & entertainment division, and organic growth at MiniMBA of double-digits year-on-year. Scalable, platform-based solutions delivered 41% of Group divisional EBITDA and 32% of net revenue in the period, reflecting the high-margin, low marginal cost economics of this part of the business.

MiniMBA delivered record contract wins in the period, including a multi-year agreement with Omnicom, the world's largest advertising holding company. Following its acquisition in August 2025, Brave Bison has substantially improved the marketing, sales and product development capabilities of this category-leading marketing training business.

Adj. EBITDA margin was stable at 19% (H1 2025: 19%), as continued integration and cost synergies offset investment to support growth. Statutory profit before tax increased to £2.1m (H1 2025: £0.1m). Acquisition and restructuring costs reduced to £0.6m (H1 2025: £1.5m), although amortisation of acquired intangible assets increased to £1.4m (H1 2025: £0.2m).

An analysis of the profit before tax is shown below:

£'000	H1 FY26	H1 FY25
Adj. EBITDA	4,453	2,250
Finance income	13	83
Finance costs	(236)	(108)
Depreciation	(492)	(366)
Share of Profit from Associate	332	-
Adj. Profit Before Tax	4,070	1,859
Adjusting Items:
Acquisition Costs	(297)	(991)
Restructuring Costs	(258)	(511)
Amortisation of Acquired Intangibles	(1,372)	(188)
Revalued Contingent Consideration	100	-
Share Based Payments	(138)	(65)
Profit Before Tax	2,105	104

Net cash, excluding lease liabilities, of £4.7m at 30 June 2026 (31 December 2025: £4.3m, 30 June 2025: £3.9m). Operating cash inflow of £3.5m was offset by £2.6m in negative working capital movements following strong cash collection in Q4 2025. Total cash and equivalents reduced from £10.5m at 31 December 2025 to £7.6m at period end as positive free cashflow was used to repay £2.6m of bank loans, pay £0.5m in dividends and acquire shares for cash in System1. The Group also received proceeds of approximately £2.0m from the exercise of Mark Ritson's outstanding share option.

System1

On 2 March 2026, Brave Bison acquired c.28% of AIM-quoted System1 at a blended average purchase price of 242 pence per share. This stake was built through a combination of a share-for-share exchange with John Kearon, System1's founder and largest shareholder, together with further shares acquired for cash on-market. As a result, John Kearon was issued 9,763,821 new Brave Bison shares as part of the transaction, becoming a significant shareholder in the Group.

System1 is a UK-based marketing research and effectiveness platform listed on the AIM market of the London Stock Exchange. Its proprietary testing tools combine behavioural science with data analytics to help brands measure and improve the effectiveness of their advertising, guiding creative development, media planning and brand strategy before campaigns go to market. System1's platform is used by a global roster of advertisers, including TikTok, Pfizer and Ikea, spanning technology, pharmaceuticals and retail. The business sits within the fast-growing marketing effectiveness segment of the industry, complementing Brave Bison's existing divisions, and would form the cornerstone of a new division for the Group.

Subsequent to the period end, on 30 July 2026, Brave Bison announced a firm offer to acquire the entire issued share capital of System1 for 327 pence per share (based on 135 pence in cash and 2.04 new ordinary shares in Brave Bison at the 20-day-volume weighted average closing share price per Brave Bison share of 94 pence per Brave Bison share on 10 July 2026, being the last business day before the commencement of the offer period), representing a substantial premium to the 242 pence blended average price paid to build the Group's c.28% stake. The Board believes that the combination would create a new platform of significant scale and continues to engage with the Board of System1 and its shareholders on the merits of the offer.

Board & Governance

Yvonne Monaghan was appointed as a Non-Executive Director and Chair of the Audit Committee, effective 1 May 2026, further strengthening corporate governance in line with the Group's continued growth. Yvonne is a Chartered Accountant, qualifying with Deloitte Haskins & Sells, and was until recently Director and Chief Financial Officer of Johnson Service Group plc, the FTSE 250-listed textile rental business, which she joined in 1984 and served as CFO from 2007.

Yvonne brings extensive financial and financial reporting expertise, a sound practical understanding of corporate governance, and a deep appreciation of investor sentiment to the Board. Yvonne also currently serves as a Non-Executive Director of The Pebble Group plc, an AIM-quoted digital commerce and promotional products business, where she is Senior Independent Director and Chair of the Audit Committee, having joined ahead of that company's 2019 IPO.

On behalf of the Board

Oliver Green

Chairman

26 August 2026

BRAVE BISON GROUP PLC

CONDENSED CONSOLIDATED INCOME STATEMENT AND CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2026

		(unaudited)	(unaudited)	(audited)
		6 months to	6 months to	Year to 31
	Note	30 June  2026	30 June  2025	December  2025
		£000's	£000's	£000's
Revenue	3	36,347	17,799	54,324
Cost of sales		(12,463)	(5,758)	(20,175)
Gross profit / net revenue		23,884	12,041	34,149
Administration expenses		(21,988)	(11,912)	(33,126)
Operating profit		1,896	129	1,023
Gain on remeasurement of contingent consideration		100	-	-
Share of profit of associate		332	-	-
		2,328	129	1,023
Finance income		13	83	96
Finance costs		(236)	(108)	(437)
Profit before tax		2,105	104	682
Analysed as
Adjusted EBITDA		4,453	2,250	6,793
Share of profit of associate		332	-	-
Finance income		13	83	96
Finance costs		(236)	(108)	(437)
Depreciation		(492)	(366)	(830)
Adjusted profit before tax		4,070	1,859	5,622
Restructuring costs		(258)	(511)	(925)
Acquisition costs		(297)	(991)	(2,282)
Amortisation of acquired intangibles		(1,372)	(188)	(1,579)
Gain on remeasurement of contingent consideration		100	-	-
Equity settled share based payments		(138)	(65)	(154)
Profit before tax		2,105	104	682
Income tax credit		296	43	828
Profit for the period		2,401	147	1,510
Statement of Comprehensive Income
Profit for the period		2,401	147	1,510
Items that may be reclassified subsequently to profit or loss
Exchange (loss)/gain on translation of foreign subsidiaries		(57)	41	24
Total comprehensive profit for the period		2,344	188	1,534
Earnings per share (basic and diluted)
Basic earnings per ordinary share (pence)	5	2.20p	0.22p	1.86p
Diluted earnings per ordinary share (pence)	5	2.10p	0.21p	1.76p
Adjusted basic operating earnings per ordinary share (pence)	5	3.73p	2.85p	6.94p
Adjusted diluted operating earnings per ordinary share (pence)	5	3.54p	2.64p	6.54p

BRAVE BISON GROUP PLC

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2026

		(unaudited)	(unaudited)	(audited)
	Note	At 30 June 2026	At 30 June 2025	At 31 December 2025
		£000's	£000's	£000's
Non-current assets
Intangible assets	6	48,350	21,396	49,722
Investment in associates	14	8,879	-	-
Property, plant and equipment	7	1,542	1,800	1,960
Deferred tax asset		2,834	2,432	2,834
		61,605	25,628	54,516
Current assets
Trade and other receivables		13,732	8,837	12,507
Cash and cash equivalents		8,319	4,160	10,496
		22,051	12,997	23,003
Current liabilities
Trade and other payables		(21,590)	(11,786)	(22,930)
Acquisition liabilities <1 year		(67)	-	(469)
Contingent acquisition liabilities <1 year	11	(1,050)	(227)	(857)
Bank loans <1 year	12	(3,503)	(182)	(1,091)
Lease liabilities	9	(604)	(342)	(612)
		(26,814)	(12,537)	(25,959)
Non-current liabilities
Lease liabilities	9	(952)	(1,259)	(1,260)
Deferred tax liability		(2,890)	(599)	(3,186)
Acquisition liabilities >1 year		(889)	-	(889)
Contingent acquisition liabilities >1 year	11	(1,588)	(319)	(1,875)
Bank loan >1 year	12	(113)	(107)	(5,113)
Other liabilities		-	(67)	-
Provisions for liabilities		(81)	(14)	(120)
		(6,513)	(2,365)	(12,443)
Net assets		50,329	23,723	39,117
Equity
Share capital	8	2,326	1,334	2,050
Share premium		24,595	971	15,647
Merger reserve		(24,060)	(24,060)	(24,060)
Distributable reserve		157,675	158,169	158,169
Retained deficit		(110,330)	(112,888)	(112,869)
Translation reserve		123	197	180
Total equity		50,329	23,723	39,117

BRAVE BISON GROUP PLC

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 June 2026

	(unaudited)	(unaudited)	(audited)
	6 months to	6 months to	Year to 31
	30 June  2026	30 June  2025	December  2025
	£000's	£000's	£000's
Operating activities
Profit/(loss) before tax	2,105	104	682
Adjustments:
Depreciation, amortisation and impairment	1,864	554	2,409
Share of profit of associate	(332)	-	-
Gain on remeasurement of contingent consideration	(100)	-	-
Finance income	(13)	(83)	(96)
Finance costs	236	108	437
Share based payment charges	138	65	154
(Increase)/decrease in trade and other receivables	(1,225)	1,528	2,439
Decrease in trade and other payables	(1,378)	(4,037)	(2,872)
Tax (paid)/received	(2)	30	28
Cash inflow/(outflow) from operating activities	1,293	(1,731)	3,182
Investing activities
Acquisition of subsidiaries	(396)	(1,940)	(26,520)
Net cash acquired on acquisition	-	39	5,338
Loan granted on acquisition exchange	-	650	-
Purchase of property, plant and equipment	(74)	(67)	(190)
Purchase of intangible assets	-	-	(99)
Investment in System1	(1,322)	-	-
Interest received	13	83	96
Cash inflow/(outflow) from investing activities	(1,779)	(1,235)	(21,376)
Cash flows from financing activities
Issue of share capital	2,000	21	16,405
Interest paid	(236)	(108)	(437)
Dividends paid	(494)	(267)	(267)
(Repayment)/drawdown of borrowings	(2,588)	(53)	5,670
Repayment of lease liability	(316)	(111)	(308)
Cash inflow/(outflow) from financing activities	(1,634)	(518)	(21,063)
Net change in cash and cash equivalents	(2,120)	(3,484)	2,869
Movement in net cash
Cash and cash equivalents, beginning of period	10,496	7,603	7,603
(Decrease)/increase in cash and cash equivalents	(2,120)	(3,484)	2,869
Movement in foreign exchange	(57)	41	24
Cash and cash equivalents, end of period	8,319	4,160	10,496

BRAVE BISON GROUP PLC

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2026

	Share Capital	Share premium	Merger Reserve	Translation Reserve	Distributable Reserves	Retained deficit	Total equity
	£000's	£000's	£000's	£000's	£000's	£000's	£000's
At 1 January 2025 (audited)	1,292	-	(24,060)	156	158,436	(114,533)	21,291
Shares issued during the period	42	971	-	-	-	-	1,013
Equity settled share based payments	-	-	-	-	-	65	65
Equity capital contribution	-	-	-	-	-	1,433	1,433
Dividends	-	-	-	-	(267)	-	(267)
Transactions with owners	42	971	-	-	(267)	1,498	2,244
Other Comprehensive Income
Profit and total comprehensive income for the period	-	-	-	41	-	147	188
At 30 June 2025 (unaudited)	1,334	971	(24,060)	197	158,169	(112,888)	23,723
At 1 January 2025 (audited)	1,292	-	(24,060)	156	158,436	(114,533)	21,291
Shares issued during the year	758	15,647	-	-	-	-	16,405
Equity settled share based payments	-	-	-	-	-	154	154
Dividends	-	-	-	-	(267)	-	(267)
Transactions with owners	758	15,647	-	-	(267)	154	16,292
Other Comprehensive Income
Profit and total comprehensive income for the period	-	-	-	24	-	1,510	1,534
At 31 December 2025 (audited)	2,050	15,647	(24,060)	180	158,169	(112,869)	39,117
At 1 January 2026 (audited)	2,050	15,647	(24,060)	180	158,169	(112,869)	39,117
Shares issued during the period	276	8,948	-	-	-	-	9,224
Equity settled share based payments	-	-	-	-	-	138	138
Dividends	-	-	-	-	(494)	-	(494)
Transactions with owners	276	8,948	-	-	(494)	138	8,868
Other Comprehensive Income
Profit and total comprehensive income for the period	-	-	-	(57)	-	2,401	2,344
At 30 June 2026 (unaudited)	2,326	24,595	(24,060)	123	157,675	(110,330)	50,329

BRAVE BISON GROUP PLC

NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2026

1        General information

The information for the year ended 31 December 2025 does not constitute statutory accounts as defined in section 435 of the Companies Act 2006.  A copy of the statutory accounts has been delivered to the Registrar of Companies.  The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The interim financial statements have not been audited or reviewed by the Group's auditor.

2        Accounting policies

Basis of preparation

The annual financial statements of Brave Bison Group plc are prepared in accordance with the accounting policies and presentation required by UK adopted International Accounting Standards, and International Financial Reporting Interpretations Committee ("IFRIC") Interpretations as endorsed for use in the UK.  The condensed set of financial statements included in this half yearly report has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting".

The interim statement has been prepared on a going concern basis, which assumes that the Group will be able to meet its liabilities for the foreseeable future. The Group is dependent for its working capital requirements on cash generated from operations, cash holdings and from equity markets. The cash holdings of the Group at 30 June 2026 were £8.3 million.

The Directors have prepared detailed cash flow projections (the "Projections") which are based on their current expectations of trading prospects. The board forecasts that the Group will achieve positive cash inflows in the second half of 2026 and in 2027. Accordingly, the Directors have concluded that it is appropriate to continue to adopt the going concern basis in preparing these financial statements. 

The Directors also continue to maintain rolling forecasts which are regularly updated.

Significant accounting policies

The accounting policies applied by the Group in this condensed set of consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2025, with the addition of the policies below:

Financial Instruments

Contingent consideration

Contingent consideration is initially measured at fair value using probability weighted estimated future cash flows.  Contingent consideration is measured at fair value through profit and loss.  As such, at each reporting date, the contingent consideration is fair valued, with movement in the fair value taken to the statement of comprehensive income.

Investment in associates

Associates are entities in which the Group has significant influence over the financial and operating policy decisions of the investee,but does not have control or joint control over those policies. 

The Group applies the equity method to account for its investments in associates.  Under the equity method, on initial recognition the investment in the associate is recognised at cost, and the carrying amount is increased or decreased to recognise the Group's share of the post-acquisition profits or losses, and other comprehensive income or expenses of the investee.  The Group's share of the investee's profits or losses and other comprehensive income are recognised in the consolidated statement of comprehensive income.

After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in associate.  At each reporting date the Group determines whether there is objective evidence that the investment in the associate is impaired.  If there is such evidence, the Group calculates the amount of the impairment as the difference between the recoverable amount of the associate and its carrying value, and then recognises the loss within 'Share of profit or loss of an associate' in the statement of profit and loss.

Other pronouncements

Other accounting pronouncements which have become effective from 1 January 2026 and therefore have been adopted do not have a significant impact on the Group's financial results or position.

3        Segment reporting

The Group has identified two geographic areas (United Kingdom & Europe and Rest of the world) and the information is presented based on the customers' location.

Geographic reporting

The information is presented based on the customers' location.

				(audited)
		(unaudited)	(unaudited)	12 months
		6 months ended June 2026	6 months ended June 2025	ended 31 December  2025
		£000's	£000's	£000's
United Kingdom & Europe		29,542	15,179	45,321
Rest of the World		6,805	2,620	9,003
Total Revenue		36,347	17,799	54,324

The Group identifies two revenue streams, Services revenue and Platform revenue. The analysis of revenue by each stream is detailed below.

				(audited)
		(unaudited)	(unaudited)	12 months
		6 months ended June 2026	6 months ended June 2025	ended 31 December  2025
Revenue		£000's	£000's	£000's
Services revenue		20,328	12,955	30,509
Platform revenue		16,019	4,844	23,815
Total revenue		36,347	17,799	54,324

				(audited)
		(unaudited)	(unaudited)	12 months
		6 months ended June 2026	6 months ended June 2025	ended 31 December  2025
Net Revenue		£000's	£000's	£000's
Services revenue		16,139	10,292	24,510
Platform revenue		7,745	1,749	9,639
Total net revenue		23,884	12,041	34,149

Timing of revenue recognition

The following table includes revenue from contracts disaggregated by the timing of recognition.

				(audited)
		(unaudited)	(unaudited)	12 months
		6 months ended June 2026	6 months ended June 2025	ended 31 December  2025
		£000's	£000's	£000's
Products and services transferred at a point in time		10,873	4,844	19,682
Products and services transferred over time		25,474	12,955	34,642
Total revenue		36,347	17,799	54,324

4        Restructuring

				(audited)
		(unaudited)	(unaudited)	12 months
		6 months ended June 2026	6 months ended June 2025	ended 31 December  2025
		£000's	£000's	£000's
Restructuring costs		258	511	925

Restructuring costs in 2025 relate to unused property leases acquired with Builtvisible, duplicate IT contracts now replaced, and termination payments in relation to staff restructuring as a result of the recent acquisitions. Restructuring costs in 2026 are predominantly termination payments in relation to central administrative staff restructuring following acquisitions in 2025.

5        Earnings per share

Both the basic and diluted earnings per share have been calculated using the profit after tax attributable to shareholders of Brave Bison Group plc as the numerator, i.e. no adjustments to profits were necessary in 2025 or 2026. The calculation of the basic earnings per share is based on the profit attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year.

The Group completed a 1-for-20 share consolidation effective 11 July 2025, whereby every 20 existing ordinary shares were consolidated into 1 ordinary share. In accordance with IAS 33 Earnings Per Share, the weighted average number of shares for all periods presented has been adjusted retrospectively to reflect the impact of the share consolidation. As a result, the basic and diluted earnings per share for the comparative 6 month period ended June 2025 have been restated to ensure comparability with the current period presentation. The restatement affects only the per-share calculations and has no impact on total profit, equity or cash flows previously reported.

		As restated	As previously reported
	(unaudited)	(unaudited)	(unaudited)	(audited)
	6 months ended June 2026	6 months ended June 2025	6 months ended June 2025	12 months  ended 31 December  2025
Weighted average number of ordinary shares	109,254,413	65,207,651	1,304,201,958	81,017,995
Dilution due to share options	4,904,199	5,179,764	103,595,276	4,904,199
Total weighted average number of ordinary shares	114,158,612	70,387,415	1,407,797,234	85,922,194
Basic earnings per ordinary share (pence)	2.20p	0.22p	0.01p	1.86p
Diluted earnings per ordinary share (pence)	2.10p	0.21p	0.01p	1.76p
Adjusted basic earnings per ordinary share (pence)	3.73p	2.85p	0.14p	6.94p
Adjusted diluted earnings per ordinary share (pence)	3.54p	2.64p	0.13p	6.54p
		As restated	As previously reported	(audited)
	(unaudited)	(unaudited)	(unaudited)	12 months
	6 months ended June 2026	6 months ended June 2025	6 months ended June 2025	ended 31 December  2025
	£000's	£000's	£000's	£000's
Earnings for the period	2,401	147	147	1,510
Equity settled share based payments	138	65	65	154
Restructuring costs	258	511	511	925
Acquisition costs	297	991	991	2,282
Amortisation of acquired intangibles	1,372	188	188	1,579
Tax credit	(296)	(43)	(43)	(828)
Gain on remeasurement of contingent consideration	(100)	-	-	-
Adjusted earnings for the period	4,070	1,859	1,859	5,622

Tax credits removed from earnings for the 6 months ended June 2026 consist of unwinding of deferred tax on acquired intangibles.

6        Intangible Assets

		Goodwill	Online Channel Content	Technology	Brands	Customer Relation-ships	Total
		£000's	£000's	£000's	£000's	£000's	£000's
Cost
At 30 June 2025		54,487	2,034	5,213	1,119	22,020	84,873
Additions		17,158	2,365	-	1,397	8,797	29,717
At 31 December 2025		71,645	4,399	5,213	2,516	30,817	114,590
Additions		-	-	-	-	-	-
At 30 June 2026		71,645	4,399	5,213	2,516	30,817	114,590
Amortisation and impairment
At 30 June 2025		35,075	2,034	5,213	932	20,223	63,477
Charge for the period		-	312	-	203	876	1,391
At 31 December 2025		35,075	2,346	5,213	1,135	21,099	64,868
Charge for the period		-	333	-	176	863	1,372
At 30 June 2026		35,075	2,679	5,213	1,311	21,962	66,240
Net Book Value
At 30 June 2025		19,412	-	-	187	1,797	21,396
At 31 December 2025		36,570	2,053	-	1,381	9,718	49,722
At 30 June 2026		36,570	1,720	-	1,205	8,855	48,350

7          Property, plant and equipment

	Right of Use asset	Leasehold Improvement	Computer Equipment	Fixtures &  Fittings	Total
	£000's	£000's	£000's	£000's	£000's
Cost
At 30 June 2025	1,900	408	684	48	3,040
Additions	468	9	113	1	591
Acquisition of subsidiary	-	-	37	(4)	33
At 31 December 2025	2,368	417	834	45	3,664
Additions	-	-	74	-	74
Disposals	-	(8)	-	-	(8)
At 30 June 2026	2,368	409	908	45	3,730
Depreciation and impairment
At 30 June 2025	612	207	390	31	1,240
Charge for the period	258	81	113	12	464
At 31 December 2025	870	288	503	43	1,704
Charge for the period	317	80	94	1	492
Disposals	-	(8)	-	-	(8)
At 30 June 2026	1,187	360	597	44	2,188
Net Book Value
At 30 June 2025	1,288	201	294	17	1,800
At 31 December 2025	1,498	129	331	2	1,960
At 30 June 2026	1,181	49	311	1	1,542

Included in the net carrying amount of property, plant and equipment are right-of-use assets as follows:

			(audited)
	(unaudited)	(unaudited)	12 months
	6 months ended June 2026	6 months ended June 2025	ended 31 December  2025
	£000's	£000's	£000's
Right-of-use-asset	1,181	1,288	1,498
Total right-of-use asset	1,181	1,288	1,498

8        Share capital

Ordinary share capital		At 30 June 2026
		Number	£000's
Ordinary shares of £0.02		116,319,751	2,326
Total ordinary share capital of the Company			2,326

Rights attributable to ordinary shares

The holders of ordinary shares are entitled to receive notice of and attend and vote at any general meeting of the Company.

9        Leases

Lease liabilities are presented in the statement of financial position as follows:

		(unaudited)	(unaudited)	(audited)
		At 30 June 2026	At 30 June 2025	At 31 December 2025
		£000's	£000's	£000's
Current		604	343	612
Non-current		952	1,259	1,260
		1,556	1,602	1,872

With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and a corresponding lease liability.

The table below describes the nature of the Group's leasing activities by type of right-of-use asset recognised on the statement of financial position:

	No. of right-of-use assets leased	Range of remaining term	Average remaining lease term	No. of leases with extension options	No. of leases with termination options
Office building	4	0 - 3.5 years	1.2 years	-	-

The lease liabilities are secured by the related underlying assets. Future minimum lease payments at 30 June 2026 were as follows:

		Within one year	One to five  years	Total
		£000's	£000's	£000's
Lease payments		715	1,049	1,764
Finance charges		(111)	(97)	(208)
Net present values		604	952	1,556

The Group does not have any liabilities for short term leases.

During the period, the Group entered into an agreement for a new office lease. The lease commencement date is subsequent to the reporting date and, accordingly, no right-of-use asset or lease liability has been recognised in these interim financial statements. Lease liabilities will be recognised from the commencement date in accordance with IFRS 16 Leases.

10      Financial Instruments

	(unaudited)	(unaudited)	(audited)
Categories of financial instruments	At 30 June  2026	At 30 June  2025	At 31  December 2025
	£000's	£000's	£000's
Financial assets at amortised cost
Trade and other receivables	14,419	9,758	13,175
Cash and bank balances	8,319	4,160	10,496
	22,738	13,918	23,671
Financial liabilities measured at amortised cost
Trade and other payables	18,890	10,377	19,202
Lease liabilities	1,556	1,601	1,872
Bank loans	3,616	289	6,204
Deferred consideration payable on acquisition of subsidiary undertakings	956	546	1,358
Financial liabilities measured at fair value
Contingent consideration payable on acquisition of subsidiary undertakings	2,638	-	2,732
	27,656	12,813	31,368

Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three levels of a fair value hierarchy.  The three levels are defined based on the observability of significant inputs to the measurement as follows:

·      Level 1:  quoted prices (unadjusted) in active markets for identical assets or liabilities

·     Level 2:  inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

·      Level 3:  unobservable inputs for the asset or liability

11      Acquisition Liabilities and Contingent Acquisition Liabilities

The terms of an acquisition may provide that the value of the purchase consideration, which may be payable in cash or shares or other securities at a future date, depends on uncertain future events such as the future performance of the acquired company. The Directors estimate that the liability for payments that may be due is as follows:

		(unaudited)	(unaudited)	(audited)
		At 30 June 2026	At 30 June 2025	At 31 December 2025
Acquisition Liabilities		£000's	£000's	£000's
Current <1 year		67	227	469
Non-Current >1 year		889	319	889
Total		956	546	1,358
Contingent Acquisition Liabilities		£000's	£000's	£000's
Current <1 year		1,050	-	857
Non-Current >1 year		1,588	-	1,875
Total		2,638	-	2,732

12      Bank Loans

				(audited)
		(unaudited)	(unaudited)	12 months
		6 months ended June 2026	6 months ended June 2025	ended 31 December  2025
		£000's	£000's	£000's
Loan <1 year		3,503	182	1,091
Loan >1 year		113	107	5,113
		3,616	289	6,204

The Group has a £10m RCF with an interest margin of between 1.75% and 1.85% over Base Rate, depending on the leverage ratio.  The RCF has a 3 year term, however the amount of the facility will reduce to £5m after the first year.  The Group had drawn down £3.5m at the period end.

Following the period end the Group signed a new facility agreement which replaces the above RCF, and also allows for a certain funds facility to enable the Offer for System1.  The RCF element of this facility is £7.5m.  The interest margin of this element is between 1.85% and 1.95% over Base Rate, depending on the leverage ratio.

The Group has a Bounce Back Loan Agreement which is due to be fully repaid in 2026. The repayment amount and timing of each instalment is based on a fixed interest rate of 2.5% payable on the outstanding principal amount of the loan and applicable until the final repayment date.  This loan is unsecured. The Group also has a U.S. Small Business Administration loan which was acquired as part of the SocialChain acquisition which is due to be fully repaid in 2050. The repayment amount and timing of each instalment was based on a fixed interest rate of 3.75% per annum payable on the outstanding principal amount of the loan and applicable until the final repayment date.

13      Transactions with Directors and other related parties

The Printed Group Limited are a related party due to the directorship of Jack Green who is the brother of Oliver and Theodore Green.

During the reporting period, Oliver Green and Theodore Green resigned as directors and ceased to hold their shareholdings in Tangent Marketing Services Limited. As a result, Tangent Marketing Services Limited no longer meets the definition of a related party from the date of cessation. Transactions disclosed in this note relate only to the period during which the related party relationship existed.

Tangent Marketing Services rent office space from Brave Bison at its London headquarters.

Tangent Marketing Services pays Brave Bison a salary recharge for certain employees in the HR, IT and facilities departments.

The Printed Group is a client of Brave Bison, whereby Brave Bison provides search engine optimisation services to The Printed Group.

All related party transactions are undertaken on an arms-length basis and are approved beforehand by the Group's independent directors. A copy of the Group's related party policy is available at bravebison.com/investors.

Transactions with associates and related parties during the period were:

			(audited)
	(unaudited)	(unaudited)	12 months
	6 months ended June 2026	6 months ended June 2025	ended 31 December  2025
	£000's	£000's	£000's
Amounts charged to Tangent Marketing Services Limited by Brave Bison
Recharge for HR related salary	7	21	41
Recharge for facility staff salary	4	4	9
Charge for property related costs	16	38	65
Charge for client related work	-	10	10
	27	73	125
Amounts charged to Brave Bison by Tangent Marketing Services Limited
Charge for client related work	2	15	30
	2	15	30
Amounts charged to The Printed Group Limited by Brave Bison
Charge for property related costs	-	19	19
Charge for client related work	12	10	19
	12	29	38
	(unaudited)	(unaudited)	(audited)
	6 months to	6 months to	Year to 31
	30 June 2026	30 June 2025	December  2025
	£000's	£000's	£000's
Amounts owed to Tangent Marketing Services Limited	-	18	-
Amounts owed by Tangent Marketing Services Limited	13	12	13
Amounts owed by The Printed Group Limited	1	3	3

14      Investment in Associate

During the period, the Group acquired a c.28% equity interest in System1 by way of a share-for-share exchange with John Kearon, System1's founder and largest shareholder, and on-market purchases totalling £1.3 million. System1 is incorporated in England and Wales, and its registered office is 4 More London Riverside, London, England, SE1 2AU.  The investment has been included in the consolidated financial statements using the equity method from 2 March 2026. The Group is considered to have significant influence over the financial and operating policies of the entity.

At 30 June 2026, the carrying value of the investment in associate was £8.9 million.

				(unaudited)
				6 months ended June 2026
				£000's
Opening balance				-
Acquisition of associate				8,547
Share of associate's profit after tax				332
Closing investment in associate				8,879

At 30 June 2026 the fair value of the investment based on the quoted market price of System1 shares was £11.0 million.

System1 has a year-end of 31 March.  On 12 July 2026 Brave Bison Group plc announced a Possible Offer for System1, which then progressed to a firm offer on 30 July 2026.  The Group does not have access to the System1 finalised management accounts drawn up to 30 June 2026 to use for equity accounting purposes.  The summarised financial information below is therefore based on the accounts to 31 March 2026.  It has then been adjusted for the 3 months from 1 April 2026 to 30 June 2026 based on pro-rating the consensus forecasts for System1 as referenced in their trading update of 16 March 2026.  This inclusion is made without the agreement or approval of System1.

Summarised Statement of Financial Position

				(unaudited)
				At 30 June 2026
				£000's
Non-current assets				2,346
Current assets				19,809
Current liabilities				(6,816)
Non-current liabilities				(484)
Net assets				14,855

Summarised Statement of Profit and Loss and Other Comprehensive Income

				(unaudited)
				2 March 2026 to 30 June 2026
				£000's
Revenue				14,074
Profit from continuing operations				1,194
Post tax profit or loss from discontinued operations				-
Other comprehensive income				-
Total comprehensive income				1,194

 

END