LBG Media, the parent company of the bible group of websites, including LADbible and SPORTbible among its 10 key online brands, has claimed the position of number one TikTok news publisher in its annual results to December 31, 2022, published today.
The Manchester-based online publishing group claimed a 72 pre cent YoY growth in followers on the platform as part of an overall audience growth of 39 per cent, which took the company’s total audience for the year to 366m.
In other highlights, the group reported revenue growth of 15 per cent to £62.8m, a figure which missed its initial annual target but which it nonetheless described described as “robust given the rapidly changing macro-economic issues affecting the UK and international markets during the year,” adding that growth in H2 was particularly strong across both direct and indirect revenue streams.
Adjusted EBITDA (non-IFRS measure) for the year was down six per cent at £15.7m. Profit before tax fell by 10 per cent but held well at £7.3m, despite the challenging economic environment. The report also highlighted the positive effects of cost-cutting measures, including 43 job cuts across the group, and representation of LGBTQ+ and its representation of disabled employees above the industry average.
In his statement, chairman Dave Wilson also highlighted the group’s establishment of a US team with the opening of a New York office, its acquisition of the social pages of Go Animals, which it rebranded to Furry Tails, seeing excellent growth, and the continuation of its LADnation research platform, which is now an integral part of the offer to clients.
The chairman and board also thanked outgoing CFO Tim Croston for his efforts, and welcomed successor Richard Jarvis ACMA, who joins from GB Group plc.
CEO, Solly Solomou commented: “We have made continued financial and operational progress in 2022. H2 was particularly strong, delivered amid a challenging backdrop, with both our core revenue streams demonstrating the resilient nature of our business.
“LBG is well positioned to capitalise on the fast-growing digital media market. We have a diverse range of brands catering to the hard to reach 18–34-year-old demographic, have expanded our capabilities, with our survey platform LADnation forming an increasingly key part of our offer, and we are taking advantage of the significant growth opportunity that the US market has to offer.
“We ended 2022 with a great deal of positive momentum, as evidenced by our record direct revenue performance for Q4, and with this momentum continuing into 2023 I am excited by what lies ahead for the business.”
