Shares of LBG Media plc soared as much as 15% on Monday after the company reported “a robust performance in the second half of the year.”
LBG Media is the Manchester-based digital media and youth content publisher of Ladbible and other news brands including Sportbible and Tyla.
In a trading update for the full year ending December 31, 2022, LBG Media said: “Following a robust performance in the second half of the year (H2) to date, full year revenue is expected to be approximately £63m and adjusted EBITDA approximately £16m.
“As anticipated, revenue growth has accelerated in the seasonally stronger second half and group revenue is expected to have grown by over 20% in this period vs the prior year.
“There has been growth across both direct and indirect segments against the backdrop of a challenging economic environment.
“Given the momentum seen in H2, and cost reduction exercise completed in November 2022, management is confident about the outlook for continued growth in 2023.”