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While the Greens grapple to bring System1 to the table with a takeover offer document, BBSN has reported its H1 blockbuster H1. Net revenue doubled to £23.9m, pretax profit surged 120% to £4.1m, and EPS rose 31% to 3.7p. EBITDA edged higher to £4.5m (topping the prior £4.2m indication), while net cash closed at £4.7m at the end of June after mar... ...
Brave Bison, which already owns 28% of System1 (SYS1; 325p), has made an offer for the rest of it, comprising 135p cash plus 2.04 new Brave Bison shares. There’s also an all-share alternative - 3.36 Brave Bison shares. The whole thing is fully funded with debt, so no dilutive equity raise. If it pulls it off, it’s a coup for the Greens as SYS1’s... ...
Last month I said BBSN should be trading at 150p already, and I wasn’t too surprised to see the company set this as a hurdle for a new LTIP. Under the plan, Oli and Theo Green benefit if the share price rises from 80p (when it was announced) to >150p. Above that level, they share 12% of the additional value created. For example, at 150p, the... ...
For the year to December 2025, BBSN delivered a thumping set of final results. Sales leapt 60% to £34.1m and pretax profit by 44% to £5.6m beating the recently upgraded consensus forecasts. EPS ticked up 15% to 6.9p (from 6.1p) - the fifth year of growth in a row. Sales are c8x higher than FY20. Five acquisitions were completed in the year of... ...
Founded by John Kearon in 1999, System1 (SYS1; 288p) has spent more than 25 years using behavioural science to help advertisers understand how people actually react to ads before their conscious mind has time to start lying about it. Its whole approach is built on the work of Nobel Prize-winning psychologist Daniel Kahneman’s distinction between... ...
It feels rather melancholy to watch the world stage be increasingly dominated by tyrants. Trump and Putin remain as entrenched as ever - continuing to put pressure on the rest of Europe whilst the prospect of a new left leaning PM has sent gilts to multi year highs. The result is yet another thick fog of fresh inflationary headwinds, and the... ...
Bison has taken a strategic 28% stake in System1 (SYS1; 272p), a specialist in the somewhat niche but increasingly valuable field of marketing effectiveness measurement. The stake has been assembled through a mixture of paper and cash. The bulk came via a share-for-share exchange with System1’s founder and largest shareholder, John Kearon, who r... ...
Brave Bison has delivered stronger than expected trading in Q4 25, driven by continued momentum in its Performance marketing division and a standout performance in Sport & Entertainment. The period saw new client additions including Airbnb, Logitech, Loveholidays and Honda, particularly in the Performance division, where the AI propositio... ...
Brave Bison pulled off a very clever number this month, putting a £50m offer on the table for M+C Saatchi’s (SAA; 125p) Performance business. With net debt set to vanish just after the year-end (FY25E net debt/EBITDA: 0.6x), the Greens are clearly on the hunt. Sure enough the offer was dismissed as lowball, but not before generating a storm of f... ...
Shares in Brave Bison caught my attention in July, when I noticed that its recent string of acquisitions was beginning to drive EPS upgrades. After speaking with director Theo Green, I decided to add the stock to Growth Portfolio 3 and in the August issue of SCSW, I went a step further, naming it one of my Top 10 Buys for the Second Half. But wh... ...