LBG Media ahead of forecasts as it targets further growth in lucrative US market
LBG Media, the Manchester-based global digital entertainment business better known as Lad Bible Group, said its financial performance is ahead of calendar year forecast as it ramps up its US operations aimed at the difficult-to-reach Gen Z and Millennials sector.
Following a change to its financial year, the group published figures for the nine months to September 30, 2024, today.
Total group revenues for nine months were £64.9m, compared with £67.5m for the 12 months to December 31, 2023. Pre-tax profits for the nine month period were £12.1m, against £5.9m for the 12 month period.
Nine month cash and cash equivalents stood at £27.2m, compared with £15.8m in the year to December 31, 2023.
Unaudited figures for the 12 months to September 30, 2024, revealed total revenues of £86.2m, against £70.9m for the 12 months to September 30, 2023, with pre-tax profits standing at £14.5m and £11m for the two respective periods.
Cash and cash equivalents were £27.2m for 2024 and £30.7m for 2023.
The group said the highlights for the nine months to September 30, 2024, were figures ahead of market expectations for the calendar year to December 2024, which was an external consensus of £86.3m revenue and £23.4m adjusted EBITDA.
LBG said it has deeper brand relationships and is becoming integral to its clients’ corporate marketing strategies.
The integration of the US acquisition, Betches, has delivered significant wins with a strong pipeline providing confidence in future growth.
The group comprises three divisions: Direct, which provides access for brands and media agencies to LBG’s young online adults; Indirect, which is revenues shared with social media platforms that place adverts next to LBG’s content; and the world’s biggest ad market in the US.
Today, LBG revealed increasing diversification of its revenues, with Direct achieving a 51% share, Indirect 47% (social 26% and web 21%) and two per cent other.
It also said it has enjoyed a positive first quarter in the year ending September 30, 2025, giving confidence over its full year performance and clear line of sight to £200m revenues.
Looking ahead, LBG said it has entered FY25 with good momentum across its three growth lenses of Direct, Indirect, and US expansion.
The board remains confident in the size of the opportunity ahead and may consider further investment to accelerate the US growth strategy, it said.
Building on a robust first quarter that achieved double-digit growth compared with the same period last year, management is confident in the growth trajectory for the remainder of FY25 and expects revenue to increase by approximately 10%.
CEO, Solly Solomou, said: “2024 was a transformational year for LBG Media. We are running more campaigns for more blue-chip brands, particularly in the US, the largest advertising market in the world.
“We have been able to drive this momentum for two reasons. Firstly, our acquisition of Betches has extended our already-strong reach with US social audiences and our combined business is performing well.
“Secondly, LBG Media has a unique model. More than half a billion people globally, including Gen Z and Millennials, see us as the go-to destination for digital content.”
He added: “The biggest brands and the biggest celebrities, therefore, want to partner with us to access the growing buying power and influence of this hard-to-reach demographic.
“The strength of our model, our progress in the US, and our fantastic team, explain why our results are ahead of calendar year expectations and give us confidence of further progress in 2025.”
