Shares of LBG Media, Manchester-based online publisher of LADbible and other young adult brands, fell as much as 26% on Tuesday to around 26p after it published half-year results for the six months ended March 31, 2026, warning of “further decline in Web and Social revenues within the Indirect revenue stream.”
LBG Media shares are down about 70% in 2026, slashing its stock market value to around £54 million.
LBG Media said first-half group revenues rose 19% to £52.4 million driven by Direct revenues, which grew 95% to £37.6 million — but Indirect revenues declined 41% to £14.5 million.
First-half profit before tax fell 79% to £1.8 million.
On current trading and outlook, LBG Media said: “On 22 April 2026, LBG Media raised revenue guidance and lowered Adjusted EBITDA guidance, to £110m and £22m respectively as a result of higher Direct growth and a continued decline in Indirect revenues.
“While Direct continues to see a healthy pipeline and improving deal margins, the trends in Indirect have not stabilised as quickly as anticipated. As a result, the Board now expects FY26 revenue of £100m to £107m and Adjusted EBITDA in a range of £15m to £20m.
“The revised guidance reflects an anticipated further decline in Web and Social revenues within the Indirect revenue stream, which has reduced visibility as part of a long-term structural shift away from websites towards social platforms and video content, and the continued impact of changes to the Facebook algorithm.
“A number of mitigating actions have been taken across the Indirect business, including cost controls, new leadership and improvements to our processes and data-driven approach, including innovation with AI.
“We are starting to see the benefits of these changes. However, the low end of the EBITDA range cited above reflects a continuation of the current monthly trend.
“In the medium to long term, we continue to expect our higher visibility, higher growth Direct revenue streams to make up the largest share of group revenues.”
LBG Media CEO Solly Solomou said: “Our 2026 financial year is a year of transition, towards long-term value. While our strategy to drive repeatable revenue growth is making good progress – with our Direct revenue streams almost doubling in 1H26 – our Indirect business was hit harder than expected.
“As a result, we have lowered our forecasts for FY26 and made changes to stabilise our Web business, alongside our steps to capture the further opportunity in our Direct markets.
“LBG Media’s planned shift to more predictable Direct revenues with greater visibility on earnings is accelerating. We are seeing an increasing share of wallet from large blue-chip clients, who see our relevant and engaging content on premium digital platforms as an effective way to reach young adults.”