18th Sep 2024 11:51
(Alliance News) - LBG Media PLC on Wednesday said it had experienced a record level of audience viewership for the first half of 2024, accompanied by a more than 50% surge in revenue and swing to profit.
LBG Media is a Manchester, England-based digital media and youth content publisher, which owns both LADbible and SPORTbible.
Revenue for the six months ended June 30 was GBP42.3 million, up 56% on-year from GBP27.2 million. The group swung to a pretax profit of GBP7.1 million year-on-year from a loss of GBP1.2 million.
The company celebrated a "record" global audience of 494 million in the first half of 2024, of which 141 million were in the US. It has continued to build market share in the US, providing partners with a "one stop shop" for connecting with its young adult audience.
The accretive impact of Betches, the female-focused digital media group that LBG Media bought for USD24 million last year, was also beneficial to growth during the period.
LBG Media said it was "confident" in delivering market expectations for 2024, and that it aims to eventually reach GBP200 million in revenue. External consensus for 2024 currently stands at GBP86.0 in revenue and GBP23.5 million in adjusted earnings before interest, taxation, depreciation and amortisation.
Adjusted Ebitda for the first half of 2024 was GBP10.2 million, more than tripling on-year from GBP3.0 million.
Chief Executive Officer Solly Solomou said: "Our strong first-half performance demonstrates excellent progress along our line of sight to GBP200 million of revenue and showcases our team's success in diversifying income and strengthening our operating model. Key sporting event activations and rising audience numbers confirm our position as the number one digital entertainment brand for young adults, a highly sought-after but challenging demographic for marketers.
"I am more excited than ever by the opportunity that lies ahead, particularly in the US, where we are going from strength to strength and where the complementary nature of our combined businesses is already demonstrating success. Our thoughtful and engaging campaigns, which frequently deploy messages of social responsibility, remain central to our mission.
"In the complex digital media landscape, the detailed understanding we have of our audience and our propensity to be agile in such a dynamic market provide a strong foundation for long-term growth and the delivery of shareholder value."
Shares in LBG Media were up 0.3% at 136.36 pence each in London on Wednesday morning.
By Emily Parsons, Alliance News reporter
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