Shares in Brave Bison rose 5% to 73.5p after the marketing and technology group said trading in the final quarter had been stronger than expected, putting full-year results ahead of market forecasts and leaving it on track to clear its bank debt earlier than planned.
The AIM-listed company said the momentum seen in the second half of 2025, particularly in its sport and entertainment division, meant it now expected to repay all outstanding bank borrowings before the end of 2026. That debt had been taken on to fund acquisitions completed in the second half of last year.
For the year to December 2025, Brave Bison said net revenue would be at least £33.5 million, up 57% from £21.3 million in 2024 and ahead of consensus expectations.
Adjusted EBITDA, a measure of underlying operating profit, is expected to be no less than £6.5 million, compared with £4.5 million a year earlier, while adjusted profit before tax is forecast to rise 41% to at least £5.5 million.
Year-end net cash stood at £4.3 million, which the company said was significantly ahead of market forecasts, helped by a strong fourth quarter and an improvement in working capital.
Management cautioned that part of that working capital benefit is expected to unwind during the first half of 2026.
Looking ahead, the board said it was comfortable with current forecasts for 2026, which point to net revenue of £45 million and adjusted EBITDA of £9.4 million.
Any free cash generated beyond loan repayments is expected to be used for further acquisitions and the payment of dividends, in line with the group’s capital allocation policy.
The company also flagged a change in the seasonal shape of its earnings. Because of the timing of its MiniMBA courses, which typically run from April to July and from September to December, revenue and profits are now expected to be more heavily weighted towards the second half of the year than in the past.