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LBG Media PLC (LSE:LBG), the parent company of LADbible and Betches, reported a substantial increase in underlying earnings for the first half of the year, achieving a 240% rise alongside a return to statutory profits. This growth was driven by a significant 55% increase in revenue, totaling £42.3 million for the six months ending in June. A key factor in this performance was a remarkable 92% surge in direct advertising revenue, which now accounts for over half of the company's total turnover.
In its interim results, the AIM-listed group highlighted a record half-year global audience of 494 million, including 141 million in the United States. This achievement underscores LBG Media's extensive reach and engagement with young adult audiences, facilitating direct partnerships with brands such as Uber Eats, Costa Coffee, Wilkinson Sword, and GetYourGuide.
The expansion in the U.S. market has been particularly notable since LBG's acquisition of Betches Media last October. The company is now positioned as a "one-stop shop" for brand partners aiming to connect with young adults. Betches contributed £7.1 million to group revenue and £1.5 million to adjusted EBITDA during the first half. Since June, LBG made the initial earnout payment for the acquisition, further strengthening its financial position.
Adjusted EBITDA rose more than threefold to £10.2 million, reflecting organic growth of 190%. The group recorded a pre-tax profit of £7.1 million, a significant turnaround from a prior loss. Additionally, an adjusted cash conversion rate of 152% resulted in a robust cash position of £26.6 million at the period's end.
Chief Executive Solly Solomou remarked on the impressive performance, stating it showcases progress toward achieving £200 million in revenue. He emphasized the in the U.S. market and the success of the combined businesses. LBG Media also announced a shift in its financial year-end to March, with the next results due in January 2025. The board expressed confidence in meeting market expectations for the upcoming calendar year.
