Ladbible parent LBG Media ups H1 revenue 10%

LBG Media CEO Solly Solomou

LBG Media plc, the Manchester-based parent of Ladbible, said its revenue rose 10% to £27.2 million in the half year ended June 30, 2023, and the firm is on track to meet full year market expectations.

Adjusted EBITDA increased 84% to £3 million.

LBG Media is the digital media and youth content publisher of Ladbible and other news brands including Sportbible and Tyla.

The Manchester firm went public on the Alternative Investment Market (AIM) of the London Stock Exchange in December 2021 at £1.75 a share, but the stock has since fallen more than 60% to around 72p, giving it a stock market value of about £150 million.

LBG Media CEO 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.”