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."
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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."