Profits expected to grow at Lad Bible Group
LBG Media (Lad Bible Group) expects its revenue to have grown from £62.8m last year to approximately £67m for the full year ending 31 December 2023.
The listed Manchester-based social media and content business also expects pre-tax profits – or adjusted EBITDA – to have grown at least 8% from £15.7m last year to at least £17m in 2023.
In a trading update issued to the stock market this morning the business enjoyed a surge in profits to £14m, having grown that from £3m reported in the first half of the year.
The statement explains that the £24m acquisition of Betches Media in October 2023 is “going to plan” and “its contribution will naturally be much more significant next year as we progress our plans into the US market, which is worth over $363bn.”
In Australia the company has seen a year-on-year reduction in profitability of approximately £3m, but centralising of social and web operations into a “UK centre of excellence at a more efficient cost base” and a new “multi-year strategic partnership model recently announced with the largest online media publisher in the country” will see an improvement, the company said.
“Our UK and Ireland businesses have continued to perform well this year highlighting the strength of our differentiated offering, our unrivalled audience growth and high levels of engagement against our competitors as well as the quality of the talent within the business. This is further evidenced by our high conversion rates and significant roster of new and growing clients working with us.”
Separately, the head of editorial operations of Lad Bible, Simon Binns, is to leave the company after five years, for a new challenge.
