LONDON, July 3, 2026, 20:01 (BST)
- B90 ended the day up 6.0% at 2.65p, quoted at 2.40p sell, 2.90p buy after London closed.
- One trade of 150,000 shares accounted for almost all of AJ Bell’s turnover today—99.9% of it.
- FTSE AIM All-Share slipped 0.17%. B90 moved higher, but there’s been no new company RNS in the last 48 hours.
- 2025 revenue was up over 100%, but marketing and selling expenses jumped 356%, squeezing the space between growth and margin.
B90 Holdings plc (LON:B90) moved higher Friday, but underlying trading told the story. Hargreaves Lansdown quotes the AIM stock at 2.65p, up 0.15p, posting a 2.40p sell and 2.90p buy on the tape once the London session closed.
The 0.50p spread worked out to 20.8% of the bid and 18.9% of the quoted mid. That’s over three times the 0.15p headline gain. Buyers who took the offer paid 16% higher than the last close, while sellers at the bid got 4% less than the previous close.
AJ Bell recorded just 150,118 shares traded on July 3, with one block of 150,000 shares at 2.6p accounting for most of it—£3,900 in value. The only other trades were for £2.06 at 2.9p and £1.13 at 2.4p.
| Friday tape | Figure | Investor read |
|---|---|---|
| Quoted price | 2.65p | Up 6.0% |
| Bid / offer | 2.40p / 2.90p | Spread is 0.50p |
| Volume on screen | 150,118 shares | Roughly 0.034% of shares out |
| Biggest trade | 150,000 shares | 99.9% of trading by volume seen |
| Approx cash on tape | £3,903 | Little cash moved shares |
B90’s filings back up the warning. Its 2025 report says “liquidity in the stock is low” in a section on share-price swings used for valuing options. As of Jan. 31, the company had 440.8 million shares outstanding, per its AIM Rule 26 update. London South East
B90 shares moved up Friday with no new announcement out from the company. The most recent update on Investegate was a director dealing RNS dated June 19. Before that, final results landed on May 6.
Andrew McIver, non-executive chairman at B90, picked up 480,954 shares at 2.599p each on AIM, according to a June 19 filing. The purchase cost about £12,500. McIver’s stake now stands at 1.29 million shares, or 0.29% of B90.
B90 is showing a stronger operating performance than last year. The company posted 2025 revenue of €7.15 million, up 103%. Profit after tax reached €394,454, turning around a €1.70 million loss from 2024. Cash climbed to €967,383 from €364,259. Chief Executive Ronny Breivik called the platform a “live, production environment” and said the business is now cash-generative. London South East
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Revenue | €7.15 mln | €3.52 mln | up 103% |
| EBITDA | €1.11 mln | €0.67 mln | increased 66% |
| Marketing and selling expense | €3.44 mln | €0.75 mln | jumped 356% |
| Marketing cost / revenue | 48.1% | 21.4% | up 26.7 points |
| Profit / loss after tax | €0.39 mln | -€1.70 mln | improved €2.10 mln |
| Cash | €0.97 mln | €0.36 mln | up 166% |
Watch the margins. EBITDA was up, but revenue outpaced it, so EBITDA margin dropped to 15.5% from 18.9%. Marketing and selling took close to half of revenue, compared to just over 20% in 2024.
B90 kept its revenue sources tight in 2025. The company pulled in €6.56 million from affiliate marketing commissions, making up 91.7% of revenue for the year. Agency revenue came in at €363,520. White-labelled sportsbook and casino brought in just €228,793, down from €313,338.
B90 trades far under its high from last year. Investors Chronicle figures had the stock at 2.65p, up 47.2% from the 52-week low of 1.80p but still 42.1% off the 4.58p top. The page also listed average volume at 78,070 shares and free float at 153.29 million shares.
