Let’s cut through the noise. Brave Bison’s FY24 results aren’t just a set of numbers—they’re a manifesto for how a plucky digital media outfit transforms into a cash-generative, dividend-paying machine. Here’s what you need to know.
The Headline Acts: Growth, Profit, and That Maiden Dividend
Brave Bison delivered a 7% rise in adjusted profit before tax to £3.9m, with net revenue climbing 2% to £21.3m. Strip out the scaled-back US operations, and underlying net revenue growth jumps to a healthier 8%. Margins? Up 50 basis points to 21%. Not bad in a sector where many peers are still wrestling with profitability.
- Cash pile: £7.5m (up 10% YoY), with a £3m undrawn credit facility.
- Adjusted EBITDA: £4.5m (+5%), marking the fourth consecutive year of growth.
- Dividend debut: A symbolic but strategic £0.3m final dividend (0.02p per share).
Why the Dividend Matters
This isn’t just a token gesture. After 12 years as a listed company—and five years under the current management—Brave Bison is signalling confidence. The dividend, though small, hints at a shift from pure growth mode to balanced capital allocation. As Chairman Oliver Green puts it: “We’re here to build sustainably and reward shareholders.”
Strategic Plays: Acquisitions, AI, and “Follow-the-Sun” Sports
Brave Bison isn’t sitting still. Three acquisitions since late 2024—Engage (sports marketing), Builtvisible (SEO), and The Fifth (influencer marketing)—paint a clear picture: vertical integration.
Engage: The Sports Power Move
This £8.5m deal adds clients like Formula 1 and Real Madrid, plus a 130-strong team across London, Dubai, and Australia. The kicker? A “follow-the-sun” model for 24/7 service delivery—perfect for global sports federations eyeing direct-to-fan strategies.
AI’s Double Act: AudienceGPT & AdStudio
- AudienceGPT: Generative AI that slashes audience research from months to minutes.
- AdStudio: AI-generated ads optimised for Meta and TikTok’s voracious algorithms.
These tools aren’t just shiny toys—they’re margin boosters, replacing manual labour with scalable tech.
The Nitty-Gritty: Risks, Consolidation, and That US Question
Share Consolidation: 100:1 Swing
Brave Bison’s shares will consolidate from ~1.3bn to ~13m. Why? To ditch the “penny stock” stigma and lure institutional investors. Smart move, but expect short-term volatility as the market digests the new structure.
US Tariffs: A Storm on the Horizon?
Management downplays exposure—most revenue is UK/Europe-focused—but admits monitoring is ongoing. For now, it’s a footnote, not a dealbreaker.
Looking Ahead: FY25 and Beyond
The pipeline’s buzzing. With Q1 trading “healthy” and acquisitions bedding in, Brave Bison expects FY25 revenue and profits to overshoot forecasts. Key drivers:
- Cross-selling tech (AudienceGPT) into Engage’s sports clients.
- Builtvisible’s SEO prowess plugging into Brave Bison’s performance marketing stack.
- News Corp’s £200k share purchase pledge post-The Fifth deal.
The Bottom Line
Brave Bison’s playing a blinder: profitable growth, shrewd M&A, and now, shareholder returns. The 433% net revenue surge since 2020 tells its own story. Yes, integration risks linger, and US tariffs could yet bite. But in a sector where many chase scale at all costs, this team’s focus on margins and cash feels refreshingly… adult.
Final thought: That maiden dividend? Consider it a down payment. If the acquisitions deliver, shareholders might just get used to these little surprises.
