B90 Holdings (LON:B90) trades higher in London as wide spread lifts early move

B90 Holdings (LON:B90) opened up in London. The wide spread bumped the early gain. London, July 6, 2026, 09:17 (BST)

• B90 was up 9.43% at 2.90p by 09:09 BST, with around 100,070 shares traded.
• The sell price shown was 2.40p and the buy was 2.90p, leaving a spread at nearly 19% of the mid.
• 2025 revenue jumped 103% on the year. Marketing and selling expense climbed 356%, according to the latest audited accounts.
• B90’s most recent RNS on Investegate was a director dealing posted June 19. The site hasn’t listed a new company RNS in the last 48 hours.

B90 Holdings plc (LON:B90) traded higher at the open in London on Monday, but investors seemed focused more on the wide spread than the move in the headline price. Google Finance had the shares at 2.90p by 09:09 BST, up 0.25p, or 9.43%, with volume showing around 100,070 shares.

Hargreaves Lansdown showed B90 at 2.40p to sell and 2.90p to buy, leaving a 0.50p spread, or around 19% of the mid. That’s wider than the stock’s one-day jump. Based on the last price, early volume was just £2,900, but a 0.25p move meant about £1.1 million added to the market cap, with 440.8 million shares out.

B90 hasn’t put out new trading news lately. The most recent filing on Investegate is a director deal from June 19. Before that, there were final results on May 6, a notice for those results on April 27, a board change on Feb. 9, and a trading update on Feb. 2.

Andrew McIver, non-executive chairman at B90, picked up 480,954 shares at 2.599p apiece, according to a June 19 filing. McIver now holds 1,286,509 shares, or 0.29% of B90.

B90’s shares are moving as the market starts to focus on two things: revenue growth and how much it costs to buy traffic. The May numbers showed sales more than doubled for 2025, but marketing and selling costs were up more than four times.

Marketing and selling expense jumped to roughly 48% of revenue in 2025, from 21% in 2024. The cost ratio moved hard, and EBITDA margin slipped to 15.5% from 18.9%. That’s the margin trade-off behind the higher top-line.

Chief Executive Ronny Breivik said in the May results that trading so far in the new financial year is as management expected. He called B90’s platform a “live, production environment” that relies on real-time optimisation and predictive decisions. Investegate

The accounts came with a warning. Directors flagged a possible €0.6 million hit from old business that might be called in quickly, saying this, together with unclear revenue timing, meant a real risk over whether B90 could keep going as a business. Still, the directors put out the accounts on a going-concern basis and said they believe in the plan and could raise cash if needed.

B90 said its shares are listed on AIM with ticker B90. The company had 440,814,739 ordinary shares in issue as of Jan. 31, and 32.6% were not in public hands. Main operations are in Malta and Curacao. The company is incorporated in the Isle of Man.

B90 jumped more than its gaming and media peers tracked by Google Finance on Monday, but traded on lighter volume. Playtech plc (LON:PTEC) rose 1.39%, Entain plc (LON:ENT) was up 0.04%, and Catalyst Media Group plc (LON:CMX) gained 4.31%.

B90 said it will not pay a dividend for 2025, even after swinging back to profit.