Pretax loss has narrowed in the half-year to June 30 at Manchester-based LBG Media, boosted by a 10% rise in revenue.
The digital publisher said its pretax loss narrowed to £1.2m, from a loss of £1.9m in the first half of 2022.
Adjusted earnings before interest, taxes, depreciation and amortization-rose to £3.0m from £1.6m on the back of the revenue growth to £27.2m.
The rise in revenue was further driven by an increase in global audiences to 410 million people from 315 million people a year prior, with content views in the period up 87%.
For the full year, LBG Media reiterated its view of meeting market expectations. Based on a consensus provided by the company, revenue is expected to be £69.3m, while adjusted Ebitda is predicted at £19.3m
Chief executive Solly Solomou said: “We have made good financial and operational progress throughout the first half of 2023. The significant increase in content views demonstrates our effective ongoing engagement with the hard to reach 18 to 34 year-old demographic which remains a highly attractive proposition for our partner brands and platforms and will continue to drive the business forward.
“Our growth continued to outperform the wider digital advertising market as we operate within the fastest growing segments, giving us confidence as we look forward. In addition, our strategic progress in the half was encouraging.
“We continued to execute on our plans to broaden geographically, with good early progress in our recently established US operations, to acquire businesses, plugging in under-monetised brands onto our platform, and to broaden our capabilities, with our agile business model ensuring we can reach the widest possible audience.
“We have started H2 with positive momentum and I am excited by the opportunities that lie ahead.”
