Ladbible parent LBG ups revenue to £67m; shares rise

LBG Media CEO Solly Solomou

Shares of LBG Media plc, the Manchester-based parent of “youth publisher” Ladbible Group, rose as much as 10% after it published results for the year ended December 31, 2023, showing a financial performance the firm said was “moderately ahead” of its December trading update.

LBG reported revenue up 7.5% to £67.5 million and profit before tax down 18.9% to £5.9 million. It said adjusted EBITDA was up 10.8% to £17.4 million.

The company hailed “significant progress in the US market with step-change acquisition of Betches Media” alongside organic expansion.

“Betches is a US-based digital media brand established in 2011 by three female co-founders with a focus on digital media content production for women … ” said LBG.

“Acquisition represents continued expansion into the US, the world’s largest advertising market, forms a key part of the group’s growth strategy and a core component behind our clear line of sight to £200m of revenue.”

It said its “global audience” grew 24% to 452 million with a US audience of 141 million — and that its video views of 128 billion were up 31% year-on-year.

Shares of LBG Media rose 10% to around 74p — but are down about 25% for the past 12 months. The Manchester firm went public in December 2021 at £1.75 a share.

LBG Media CEO Solly Solomou said: “Our revenue and EBITDA growth in 2023 demonstrates the group’s unique position and resilience in the face of some really testing market conditions.

“The strategic and operational progress we have made this year provides impetus and puts us in a strong position to realise our ambitions.

“Our global audience has increased to 452m and we have significantly strengthened our presence in the US, the world’s largest advertising market, organically and through the acquisition of Betches.

“The scale of our audience, strength of our brands, and market leading engagement within our communities truly sets us apart and our ability to provide real-time insight and analysis to clients is a unique selling point.  

“We have always believed in our responsibility for using our platforms and original content creation capabilities to champion socially responsible causes.

“Major campaigns in the year have included the ‘Have A Word’ campaign, with the Mayor of London, calling on men to challenge misogyny and partnering with The Prince’s Trust to safeguard young people’s careers, among other initiatives with charities such as If U Care Share and World Vision.

“As one of the world’s largest digital entertainment businesses, our relationships with large blue-chip advertisers continue to deepen and grow, with an increasing roster of brands working with us year-after-year.

“We operate in the largest and fastest growing segment of the advertising market and provide an unparalleled proposition for brands wanting to access young adult audiences.

“Combined with ongoing expansion in the US market and our diverse revenue model, we are confident in our position to create significant value for shareholders in the years ahead.”