Shares of LBG Media plc, the Manchester-based online publisher of LADbible and other brands for a young adult demographic, fell as much as 12% after it published a trading update for the half-year ending March 31, 2026.

In its outlook, LBG Media increased its FY26 revenue expectations to £110 million — but lowered its group FY26 EBITDA expectations to £22 million.

LBG Media said FY26 consensus expectations had been for revenue of £105 million and Adjusted EBITDA of £25.4 million.

For the first half, LBG Media reported “strong revenue momentum, up 19% to £52.4m (H1 25: £43.9m).”

LBG Media shares fell 12% to around 47p. The firm’s shares are down more than 50% for the past 12 months, cutting its stock market value to about £98 million.

In its outlook, the Manchester firm said: “The Group is moving towards higher quality revenue, with reduced future reliance on Indirect. 

“The increased focus on Direct revenue streams is performing ahead of expectations, with the result that the Board is increasing its FY26 revenue expectations to c.£110m.  

“However, the revenue mix now projected for the full year – with accelerating growth in our Direct revenue streams, which have lower margins than Indirect revenue streams – means that we expect Group FY26 EBITDA to be c.£22m.

“The H2 26 weighting for adjusted EBITDA reflects the benefit of senior hires, as well as cost savings made in H1 26. 

“This is underpinned by excellent momentum from our Direct revenue streams, including a healthy pipeline for H2 26 in the UK and U.S., combined with our strong audience engagement.”

LBG Media CEO Solly Solomou said: “LBG Media delivered constant currency revenue growth of 22% in the first half of our financial year – a significant step-up from 10% constant currency revenue growth delivered in FY25. 

“This shows the early benefits of our strategy to accelerate investment in our growth to drive predictable revenues, as outlined at our FY25 results in February.  

“The Board believes this transition positions the Group for a higher-quality revenue base over the medium term, with reduced reliance on Web and Facebook; increasing contribution from Direct revenues in the UK, U.S. and owned IP; and selective acquisitions.”