LBG Media, the parent of viral entertainment channel LADbible, has posted growth of 55% in HY1 2024, spurred by a strong England performance at the Euros as well its acquisition of female-focused outlet Betches Media.
The AIM-listed company said organic revenue increased 29 per cent in the first half of 2024 and, including the recent acquisition of Betches, grew 55 per cent to £42.3m. Direct revenue was also up by 92% to £22m (HY23: £11.5m), while shares in the firm have jumped over 50 per cent in the past year.
Adjusted earnings before interest, tax, depreciation and amortisation soared 240 per cent to £10.2m, compared to £3m in the first half of 2023, fuelled by the Betches acquisition and improvements to its operating model in Australia and New Zealand.
LBG Media, which targets a young adult audience, said the UEFA Euro tournament provided opportunities to work with brands such as Uber Eats and these helped offset weaker advertising revenue in the first half.
They also helped the media company increase its global audience to 493m in the first half of the year, up from 410m in the same period of 2023.
LBG also announced plans to change its financial year-end from 31 December to 30 September.
Chief executive Solly Solomou said: “It has been a strong start to the year as the business continues to make good progress along the line of sight to £200m of revenue.
“Performance in direct and web highlight the strength of our diverse revenue model and the operational changes in ANZ are delivering planned benefits, with further expansion of our partnership within the APAC region.
“We have continued the integration of our US commercial teams to leverage early customer wins by presenting a ‘one stop shop’ for brands wanting to reach a diverse young adult audience.
He added: “I am extremely excited by the opportunities ahead as our diverse revenue model and strong momentum position us well for continued success.”
