Shares in LBG Media, the company behind popular entertainment channel LAD Bible, surged 12 per cent following strong revenue and earnings growth driven by the UEFA Euros tournament and a surge in audience numbers.
The Manchester-based firm reported a 29 per cent increase in organic revenue for the first half of 2024, which rose to 55 per cent (£42.3m) when factoring in the recent acquisition of digital producer Betches Media.
Adjusted earnings before interest, tax, depreciation and amortisation rocketed 240 per cent to £10.2m, up from £3m in the first half of 2023, thanks to the Betches acquisition and enhancements to its operating model in Australia and New Zealand.
LBG Media, which targets a young adult demographic, said the UEFA Euro tournament offered opportunities to collaborate with brands like Uber Eats, helping to counterbalance weaker advertising revenue in the first half.
These partnerships also helped boost the media company's global audience to 493m in the first half of the year, an increase from 410m during the same period in 2023, as reported by .
Analysts at Zeus Research praised LBG for its "unrivalled engagement" with its growing audience, adding that it has "clear potential to outperform expectations should we see a sustained recovery in demand for advertising."
LBG Media also revealed plans to change its financial year-end from 31 December to 30 September.
Chief Executive Solly Solomou remarked: "It has been a strong start to the year as the business continues to make good progress along the line of sight to £200m of revenue."
"Performance in Direct and Web highlight the strength of our diverse revenue model and the operational changes in ANZ are delivering planned benefits, with further expansion of our partnership within the APAC region."
"We have continued the integration of our US commercial teams to leverage early customer wins by presenting a 'one stop shop' for brands wanting to reach a diverse young adult audience."
"I am extremely excited by the opportunities ahead as our diverse revenue model and strong momentum position us well for continued success," he concluded.
The AIM-listed company's shares have soared over 50 per cent in the past year.
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