LADbible group posts impressive annual results following flotation
Manchester-based digital publisher LBG Media, owner of the LADbible, SPORTbible, and UNILAD platforms, announced strong annual results today, its first since joining the Alternative Investment Market (AIM) last December.
The group saw total turnover soar by 81% in the 12 months to December 31, 2021, from £30.2m to £54.5m, while pre-tax profits improved by 98%, from £4.113m in 2020 to £8.130m.
This was despite exceptional costs of £4.858m due to adviser fees and costs associated with the group’s IPO.
Cash and cash equivalents stood at £34.3m, compared with £6.9m in 2020, reflecting strong cash generation in the year and the gross proceeds of £30m of growth capital raised on IPO.
Shareholders earned £81m from the 175p-per-share flotation last December. Shares opened this morning at 182p.
No dividend payment is recommended, because directors intend to reinvest a significant portion of the group’s earnings to facilitate plans for further growth.
The group’s global audience grew by 31 million people to more than 264 million during the year, with 63 billion content views per annum, up 97% on the prior year, following investment in people to increase volumes and drive more engaging content across various platforms.
LBG Media has an enormous youth following for its mix of shareable videos and entertainment news across its websites.
The group said that, in 2021 digital advertising spend was £336bn and with continued acceleration in digital transformation and growing e-commerce activity anticipated, it is forecast that will grow at 12% until 20242. Operating within some of the fastest growing segments of this market, LBG Media continues to see significant growth opportunities in three main areas, namely, geographically, through expansion organically into new geographies, M&A, with a focus on geographic and demographic diversification, and continued development of capabilities to produce innovative content and drive engagement.
At this early stage of 2022, year to date performance is in line with market expectations and the group remains on track to deliver against revenue growth expectations for the full year.
CEO, Solly Solomou, said: “The business has achieved a great deal and I want to thank each and every one of the team for their valuable contribution to its continuing success.
“Through ongoing investment in our teams, combined with our focused and relevant content, we have continued to see growth in our global audience and followers.
“Providing unmatched access to an audience that brands and organisations typically find hardest to reach makes us a particularly attractive partner to an ever increasing number of global businesses, government organisations and other entities. These factors position us well for the future and I am incredibly excited by the opportunities that lie ahead.”
