LBG Media, the owner of LAD Bible, has reported a swing to profit as its global audience approaches 500m, triggering a more than seven per cent rise in shares at Wednesday's opening bell. The Manchester-based digital entertainment firm posted a profit of £7.1m for the first half of 2024, a significant turnaround from losses of £1.2m during the same period the previous year, as reported by .
Organic total revenue saw a growth of 29 per cent, rising to £42.3m from £27.2m in the first half of 2023, while adjusted EBITDA surged to £10.2m, up from £3m in the preceding period. LBG announced that its global audience had grown by 20 per cent year-on-year, reaching a record 494m, including a US audience of 141m.
Following its recent acquisition of digital producer Betches Media, LBG expressed confidence in meeting full-year market expectations for revenue of £86m and adjusted EBITDA of £23.5m, with a "line of sight" to £200m of revenue. CEO Solly Solomou stated: "Key sporting event activations and rising audience numbers confirm our position as the number one digital entertainment brand for young adults, a highly sought-after but challenging demographic for marketers."
He added that LBG is steadily increasing its market share in the US, where the company is "going from strength to strength".
He further commented: "In the complex digital media landscape, the detailed understanding we have of our audience and our propensity to be agile in such a dynamic market provide a strong foundation for long-term growth and the delivery of shareholder value."
