REG - LBG Media PLC - Half-year results
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RNS Number : 4733H LBG Media PLC 09 June 2026
9 June 2026
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
LBG Media plc
("LBG Media", the "Company" or "Group")
Half-year results for the six months ended 31 March 2026
LBG Media, a social entertainment powerhouse with a focus on young adults,
announces half-year results for the six months ended 31 March 2026 ("1H26" or
"the period"). All figures relate to the period, unless otherwise stated.
= Acceleration of revenue growth: Group revenues up 19% (22% at constant
currency(1)) to £52.4m (1H25: £43.9m), driven by Direct(2) revenues, which
grew 95% to £37.6m (1H25: £19.3m). Indirect(3) revenues declined 41% to
£14.5m (1H25: £24.5m).
= Strong Direct revenue growth meant that Direct accounted for 72% of Group
revenues, up from 44% at 1H25, in line with the strategy to increase the
weighting to this higher visibility business line. Direct revenues benefited
from strong momentum in the UK and an increasing share of wallet and growth in
the U.S., which is becoming materially more important for the Group.
= Indirect revenues continued to decline in both our social media revenue
sharing agreements ("Social") and our owned websites ("Web"). This is due to
previously announced changes to Meta's Facebook algorithm in line with trends
outlined in 2H25, which remain challenging, as well as lower traffic from
search engines due to AI Overviews.
= Lower EBITDA margins: adjusted EBITDA(4) down 34% to £8.0m (1H25: £12.2m)
driven by planned investment in our Direct sales and operations; as well as
the revenue mix in the period.
= Strong balance sheet with net cash of £28.4m (30 September 2025: £30.8m)
supports organic investment and acquisitions where we see a compelling
strategic fit.
= Momentum for our use of generative AI - productivity gains and client
engagement, including proprietary tools Mission Control and LAD Radar to track
content performance and identify emerging cultural trends.
= Unparalleled engagement and reach for our culturally relevant and commercially
effective content: global audience(5) of c.0.5bn, offering blue-chip clients
access to the hard-to-reach young adult audience.
Financial Highlights
£m 1H26 1H25 Growth (%)
Adjusted Group Revenue(1) 53.6 43.9 22%
Revenue
- Direct UK 20.6 12.5 64%
- Direct U.S. 16.1 6.4 154%
- Direct Ireland and Rest of World 0.9 0.4 107%
Total Direct 37.6 19.3 95%
- Indirect Social 8.0 14.3 (44%)
- Indirect Web 6.5 10.2 (36%)
Total Indirect 14.5 24.5 (41%)
- Other 0.3 0.1 23%
Total Group Revenue 52.4 43.9 19%
Adjusted EBITDA(4) 8.0 12.2 (34%)
Adjusted EBITDA margin 15.4% 27.8% (12.4 ppts)
Profit before tax 1.8 8.6 (79%)
Cash and cash equivalents 28.4 32.9 (14%)
Current trading and outlook
On 22 April 2026, LBG Media raised revenue guidance and lowered Adjusted
EBITDA guidance, to £110m and £22m respectively as a result of higher Direct
growth and a continued decline in Indirect revenues.
While Direct continues to see a healthy pipeline and improving deal margins,
the trends in Indirect have not stabilised as quickly as anticipated. As a
result, the Board now expects FY26 revenue of £100m to £107m and Adjusted
EBITDA in a range of £15m to £20m.
The revised guidance reflects an anticipated further decline in Web and Social
revenues within the Indirect revenue stream, which has reduced visibility as
part of a long-term structural shift away from websites towards social
platforms and video content, and the continued impact of changes to the
Facebook algorithm. A number of mitigating actions have been taken across the
Indirect business, including cost controls, new leadership and improvements to
our processes and data-driven approach, including innovation with AI. We are
starting to see the benefits of these changes. However, the low end of the
EBITDA range cited above reflects a continuation of the current monthly trend.
In the medium to long term, we continue to expect our higher visibility,
higher growth Direct revenue streams to make up the largest share of Group
revenues.
CEO, Solly Solomou commented:
"Our 2026 financial year is a year of transition, towards long-term value.
While our strategy to drive repeatable revenue growth is making good progress
- with our Direct revenue streams almost doubling in 1H26 - our Indirect
business was hit harder than expected. As a result, we have lowered our
forecasts for FY26 and made changes to stabilise our Web business, alongside
our steps to capture the further opportunity in our Direct markets.
LBG Media's planned shift to more predictable Direct revenues with greater
visibility on earnings is accelerating. We are seeing an increasing share of
wallet from large blue-chip clients, who see our relevant and engaging content
on premium digital platforms as an effective way to reach young adults."
Analyst Presentation
LBG Media will host a hybrid virtual and in-person analyst briefing at 9.30am
UK time, on 9 June 2026. To join the briefing virtually, please use the
following webcast link:
https://lbgmedia.co.uk/results-reports-presentations/2026-interim-results-webcast.asp
(https://lbgmedia.co.uk/results-reports-presentations/2026-interim-results-webcast.asp)
A recording of the presentation will also be available on the LBG Media
website at
www.lbgmedia.co.uk/results-reports-presentations/results-and-presentations
(http://www.lbgmedia.co.uk/results-reports-presentations/results-and-presentations)
following the event.
Notes
1. Constant currency adjustments are applied to remove the impact of foreign
exchange movements between periods, using the same USD exchange rates as the
prior period for U.S. and Facebook income. This measure is used to provide a
like-for-like comparison of underlying Group revenue performance year on year.
2. Direct revenues: content for brands and media agencies to reach our
audience of young adults
3. Indirect revenues: revenue-sharing agreements with social media platforms
that display adverts near our content and owned websites
4. Adjusted EBITDA - earnings before interest, tax, depreciation, and
amortisation adjusted for share-based payment charge, fair value movements in
contingent consideration and adjusting items. Adjusted EBITDA margin is
adjusted EBITDA divided by Group Revenue represented as a percentage.
5. Audience numbers reflect social followers, unique podcast listeners and
average monthly website users in the 12 months to 31 March 2026. The
percentage growth indicates the change compared to the corresponding period in
the previous year.
For further information, please contact:
LBG Media plc investors@ladbiblegroup.com (mailto:investors@ladbiblegroup.com)
Solly Solomou, Co-founder & CEO
Darren Singer, CFO
Zeus (Nominated Adviser & Tel: +44 (0) 161 831 1512
Broker) www.zeuscapital.co.uk (http://www.zeuscapital.co.uk/)
Dan Bate / Kieran Russell (Investment
Banking)
Nick Searle (Equity Capital Markets)
Peel Hunt LLP (Joint Broker) Tel: +44 (0) 207 418 8990
Neil Patel / Benjamin Cryer / Alice Lane / Kate Bannatyne
www.peelhunt.com (//www.peelhunt.com)
For enquiries
FTI Consulting
LLP lbgmedia@fticonsulting.com (mailto:lbgmedia@fticonsulting.com)
Jamie Ricketts / Kwaku Aning / Jemima Gurney / Chloe
Yorke
Notes to editors
As a social entertainment powerhouse, we help brands reach young adults on
social media platforms, such as Facebook, Instagram, Snapchat, X, YouTube and
TikTok, and our owned and operated websites.
We produce, curate, and distribute digital content that young adults engage
with and want to share, whether through videos, editorials, images, or audio.
We do this through brands such as Betches and LADbible, and those dedicated to
distinct popular interests (e.g. news, sport, gaming) like SPORTbible and
GAMINGbible.
Engagement is at the heart of what we do - which comes through in our two main
revenue streams:
a We create bespoke content for blue-chip advertisers that gives them access to
a young adult audience that is hard to reach for traditional media players.
This is distributed across social media platforms and our owned and operated
websites. We call this 'Direct' revenue.
b Third parties - such as social media platforms - generate revenue by placing
advertising next to our content. We call this 'Indirect' revenue, and the
revenue is shared between the publisher, which is us, and the social media
platform.
LBG Media is listed on the AIM market of the London Stock Exchange (AIM: LBG).
CHIEF EXECUTIVE OFFICER'S REVIEW
Our long-term growth strategy is making good progress. Our Direct revenue
streams grew 95%, underlining our position as pioneers in social media, IP and
AI. However, we experienced turbulence within our Indirect revenue streams in
1H26 which led to a lowering of FY26 profit guidance.
Short-term turbulence
The first half of our financial year had two key characteristics: accelerating
revenue growth, driven by strong momentum in our Direct business; and
continuing challenges in our Indirect business. The decline in our Indirect
business was due to previously announced changes to Meta's Facebook algorithm
in line with trends outlined in 1H25, which remain challenging, as well as
lower traffic from search engines due to AI Overviews.
Direct revenue streams now account for 72% of Group revenues at 1H26 (1H25:
44%) and grew strongly, up 95%. Direct revenues have lower margins than our
Indirect revenues. This revenue mix, combined with our planned investment in
our Direct markets, resulted in a decline in Adjusted EBITDA.
As a result, revenues were up 19% (22% at constant currency) and Adjusted
EBITDA was down 34%.
Longer term, planned shift to more predictable 'Direct' revenues with greater
visibility on earnings
As outlined at our FY25 results in February 2026, we are laser-focused on the
immediate opportunity in our U.S. and UK Direct markets and have accelerated
our investment in areas including senior leadership capability and high
performing sales teams.
LBG Media's blue-chip clients are attracted to our large young adult audience
at scale, which we engage through high quality and relevant content. This
means Indirect revenues will remain central to our business model and a
critical component of why advertisers, major brands and celebrities partner
with us - to tap into our scale, brand recognition and content relevance.
We anticipate this evolution in our revenue mix to make our performance more
predictable over time, with greater visibility on earnings because of the
improved pipeline in our Direct revenue streams, and less dependence on social
platforms for revenues. We are seeing strong momentum in the UK and an
increasing share of wallet and growth in the U.S., which is becoming
materially more important for LBG Media.
Strategic progress
Direct (72% 1H26 revenues)
Direct revenue is generated when we provide content marketing services to
blue-chip brands and media agencies, engaging directly with the advertiser.
LBG Media's Direct revenue stream is our long-term growth engine, driven by
demand from new and existing clients. We are building deeper relationships
with marketing teams up to Executive level, which is driving our growth from
blue-chip clients.
LBG Media's size, scale and full suite of capabilities makes it the market
leader in Direct, as the go-to media partner for brands seeking to engage with
an audience of young adults at scale. Our ability to combine audience insight,
social reach, original content, data-led strategy and multi-platform
distribution continues to differentiate the Group in an increasingly
competitive market.
We are investing in our products, brands and markets to maintain this
differentiation and meet strong client demand.
Within 1H26, two large client deals were offered at lower than usual margins
in the U.S. business, to incentivise higher levels of spend and build the
client relationships.
In response to high demand from clients, we are making good progress with our
IP, such as 'Snack Wars' and 'Agree To Disagree'. Our investment in IP
supports our long-term growth plans and also repeatable, higher margin
revenues where we build out and innovate with existing IP. The strength of
demand and attractiveness of our IP is reflected in sponsorship revenues,
which increased seven-fold, from c.£0.5m in 1H25 to c.£3.5m in 1H26.
Direct UK
The UK had strong growth in 1H26, driven by our top 20 customers, increasing
the average value of our clients.
In the UK, we have continued to expand and deepen customer relationships with
leading global brands including Google, KFC, Domino's, Allwyn and Tesco. We
now have 16 clients delivering more than $1m in revenue annually (1H25: 12).
Our Direct UK revenue stream grew very strongly during the period, with a 64%
increase to £20.6m (1H25: £12.5m). Testament to the strength of our customer
relationships and the resilience of our model, 89% of our Direct revenue was
on a repeat basis (1H25: 78%).
Direct U.S.
The U.S. is becoming materially more important and is where we are seeing an
increasing share of wallet. We delivered excellent growth in the U.S., with
revenues up 154% to £16.1m (1H25: £6.4m).
We see a significant future growth opportunity in the U.S, albeit not at the
heightened levels achieved in 1H26 which lapped a lower 1H25. We have invested
in mobilising a team capable of capturing the U.S. opportunity with large
blue-chip clients.
Blue-chip brands continue to look to our relevant and engaging content on
premium digital platforms to reach young adults in the U.S. Our clients
include leading and global brands such as Netflix, Dunkin', PepsiCo and NYX
Cosmetics, with new client wins such as Uber, Diageo, L'Oreal, Disney and
Toyota.
Indirect (28% 1H26 revenues)
Indirect is where we generate revenue on social platforms ('Social') and from
our owned and operated websites ('Web')
Our Indirect revenues declined 41% to £14.5m (1H25: £24.5m), due to
previously announced changes to Meta's Facebook algorithm in line with trends
outlined in 1H25, which remain challenging, as well as lower traffic from
search engines due to AI Overviews.
Indirect revenues remain important to our business model, albeit within the
context of managed long term website revenue decline as part of a structural
shift away from websites towards sources of entertainment such as social
platforms and video content.
In 1H26 we made changes to address the structural decline in our
Web business, and we are starting to see some early benefits of these
changes. However, these measures have not yet offset the decline we are
seeing within the Web market, which continues to have low visibility.
Our Social revenues have stabilised off a low base, having fallen sharply
since FY25. We see opportunities to grow Social revenues from YouTube, where
we have only a very low share of a growing market.
We continue to attract a large and engaged audience of c.0.5bn.
Entertaining and delighting young adults
LBG Media's purpose is to entertain and delight young adults, making them
laugh, think and act. Our approach centres on an engaging customer proposition
that entertains, provokes thought, and prompts action.
Driven by our mission to empower young adults by building communities, we
emphasise sharing, creating, and curating delightful content. This strategy
has enabled us to reach an audience of c0.5 billion people globally and placed
us at the forefront of two key trends: the rise of digital advertising and the
increasing purchasing power of Millennials and Gen Z.
We are the UK's largest social publisher by reach(1), with expanding influence
and strong growth momentum in the U.S., the largest advertising market.
Our proven model relies on understanding our audience, leveraging our strong
brands, appealing to blue-chip brands and celebrities, and producing
culturally relevant content.
Blue-chip, global companies and celebrities are attracted to our ability to
connect with young adults through LBG Media's diverse portfolio of brands,
each targeting specific popular interests.
We work with blue-chip brands and social media platforms to generate revenue
through two main channels: first, our content helps blue-chip brands and media
agencies reach young adults online, known as 'Direct' revenue; second, we have
revenue-sharing agreements with social media platforms that display ads near
our content and owned websites, called 'Indirect' revenue.
(1) - Source: Comscore MMX Multi-Platform, Social Total Unique Visitors, Top
100 Properties, Total Audience, UK, April 2026.
Growing market (rise in digital and spending power)
LBG Media is a powerhouse in the high-growth digital advertising market. We
have a significant serviceable addressable market, estimated to be £2.0bn in
2026, which is expected to grow at approximately 16% from 2025-2030.
The cultural relevance and commercial effectiveness of our content enables us
to capture opportunities with new and existing clients presented by cultural
events such as the upcoming Men's FIFA World Cup, which is already driving
client engagement in H2.
LBG Media's long-term growth is underpinned by five structural macro trends
which we are capitalising on:
1. Young adult attention is consolidating around a small number of global social
and streaming platforms, including YouTube.
2. The ongoing shift from traditional media to social media and creator-led
platforms, which is accelerating. Social media advertising spend in the U.S.
alone is expected to increase by 15.6% to $125bn in 2026, according to
EMARKETER's forecasts.
3. AI is accelerating winners through speed, relevance and efficiency. Businesses
that have embraced AI are utilising the technology to accelerate as winners.
We are seeing momentum as a result of our longstanding use of generative AI
and are investing in emerging technologies to drive further opportunities for
productivity gains and client engagement.
4. Growing Millennial and Gen Z buying power. Millennials and especially Gen Z,
our core audience demographic, is projected to be the wealthiest generation
worldwide by 2030. As digital natives, 94% of this group is active on social
media, already representing 17% of total global spending. The strength of our
connection and engagement with Millennials and Gen Z makes LBG Media the
preferred partner for major global brands and high-profile celebrities and
will continue to benefit LBG Media.
5. The U.S. continues to be the largest advertising market in the world,
presenting our largest and most scalable opportunity. Our U.S. Direct business
is a multiplier of our business in the UK and is becoming materially more
important for LBG Media.
(1) - Sources: CIL research, WARC, Global Ad Spend Outlook 2024/25 & NIQ,
A Report on Gen Z Spending Power, EMARKETERs.
Flywheel - investment case
We announced at FY25 that we have begun tightening the LBG Media flywheel to
bolster our market leadership for young adults with a focus on five areas:
1. Evolving our engine around AI and first-party data: We are embedding
content-driven AI and Generative AI across the business to sharpen content,
audience insight and operational efficiency. Combined with our growing
first-party data capability, this enables us to better understand our young
adult audience, deepen engagement and deliver measurable outcomes for clients.
2. Capitalising on the U.S. as a multiplier for LBG Media: The U.S. is the
largest advertising market globally and represents a significant opportunity
to replicate our successful UK model at scale. We are building momentum with
leading blue-chip brands in the U.S., supported by the successful integration
of Betches, which exemplifies our approach to acquiring assets that expand our
audience, increase engagement and attract blue-chip advertisers.
3. Applying our content, insight and monetisation engine to creators: We are
extending the capabilities that built our owned brands, namely content
production, audience insight and commercial monetisation, to a wider creator
ecosystem. This helps deepen our relationships with brands seeking authentic
reach among young adult audiences.
4. Building repeatable IP: Our portfolio of distinct, interest-led brands
provides a proven framework for developing intellectual property that
resonates with young adults and travels across geographies and digital
platforms. Repeatable IP strengthens audience loyalty, supports long-term
engagement and creates compounding value across the Group's revenue streams.
5. Accelerating predictable, scalable revenues through Direct relationships: Our
shift in focus to our Direct business offers more predictable revenue and
deeper strategic partnerships. Supported by a scalable leadership structure,
robust cash flow and a strong balance sheet, the Group is well positioned to
grow these relationships organically and through selective bolt-on M&A,
with a strong pipeline.
Momentum for our longstanding use of generative AI
One of LBG Media's key differentiators is its AI and data advantage. We are
building on our longstanding use of generative AI through continued investment
in emerging technologies to drive productivity gains, deepen audience
engagement and create new commercial opportunities. Early traction across the
business demonstrates the impact AI can have on engagement, monetisation and
client outcomes.
Editorial content continues to evolve through the integration of AI-assisted
and human-created material. We believe the value of human creativity and
editorial judgement remains central as AI-generated content becomes more
prevalent.
We continue to invest in innovation across our content, commercial operations
and internal tools to improve output and maintain high levels of engagement.
This includes Mission Control, our proprietary data platform tracking content
performance across web and social in real time, and EMMA (Editing Media
Management Assignment), our AI-enabled virtual traffic manager, which
streamlines workflows and saves over 4,000 hours annually.
Over the past year, we have expanded our internal AI Steering Group to
identify and scale high-impact use cases across the business. Key initiatives
include LAD RADAR, a real-time engine for identifying emerging cultural trends
on social media; ARNOLD, an AI video tool that reduces manual spell-checking
from 69 days to 29 hours; and The Brief Unpacker, which helps Sales and
Strategy teams convert client briefs into clearer creative and commercial
opportunities.
AI is increasingly embedded across our commercial, publishing and operational
workflows. We are using AI-powered tools to support client strategy, analyse
engagement trends, optimise publishing and distribution, improve workflow
management and enhance audience targeting across platforms. We are also
exploring opportunities to extend our proprietary data and trend intelligence
capabilities into client-facing AI products and solutions.
In particular, our AI-powered trend analysis tools are helping identify
emerging cultural conversations and high-performing content themes across
hundreds of competitors and social platforms globally. These insights support
editorial and social teams in prioritising content likely to resonate most
strongly with audiences. Together with continued investment in our social
publishing teams and platform strategy, this has driven significant growth on
Instagram, culminating in LADbible recording its highest-ever monthly
impressions, reach and engagements in April 2026.
We are also using AI to support faster, more original journalism as part of
our focus on being "first and fast" with breaking news. AI-enabled workflows
are helping connect teams more effectively, surface insights faster and
integrate content from Originals, talent interviews and editorial operations
in real time. This supports our editorial teams in identifying and publishing
stories more quickly, including instances where we have broken major stories
ahead of traditional broadcasters. Recent stories we broke first include an
interview with the Prime Minister to discuss violence against women, Sara Cox
replacing Scott Mills at the BBC and the Celebrity Traitors line-up.
In Studios and Originals, AI is supporting content ideation, multilingual
translation, transcript analysis and the extension of proprietary IP across
multiple formats and territories. We have also developed internal AI-powered
systems integrating LBG Media's core knowledge platforms, alongside in-house
AI subtitling capabilities that reduce reliance on third-party providers.
As an OpenAI enterprise customer, and through our broader partnerships across
leading AI platforms and technologies, we continue to explore how AI can drive
efficiency, innovation and creativity across the Group, including developments
in video generation, dubbing, and lip-syncing.
LBG Media operates one of the most engaging, socially native entertainment
platforms for young adults, powered by AI-enabled insights and scalable,
repeatable IP that supports predictable revenue growth. This model reduces
exposure to platform disruption and positions the Group well to capture
opportunities arising from the increasing adoption of AI across media,
advertising and content ecosystems.
Purpose-Driven Work and Awards
LBG Media has a purpose-driven culture.
In November 2025, we launched LADbible Youth Census 2025 - the most extensive
study of its kind, surveying over 6,500 Gen Zs and 1,800 Millennials across
the UK. The study offered an insight into and the most comprehensive snapshot
of what defines Britain's digital-first generation.
Our new campaign, 'For F*cks Sake,' ('FFS') was launched in October 2025 to
break the silence around porn and promote honest, responsible conversations
about sex. Collaborating with Fumble, Movember, and Jordan Stephens, this
multi-platform initiative seeks to bridge the gap between pornography and real
life - the disparity between actual sex experiences and online portrayals.
Over the past year, we have continued to strengthen both our creative and
commercial capabilities while reinforcing the purpose-led culture that defines
LBG Media. Our work has been recognised across the industry, including winning
Campaign UK's Media Company of the Year Award for Branded Content, alongside
both a Webby Award and a People's Voice Award for LADbible Stories YouTube in
the Video & Film - Reality & Unscripted category.
We were awarded Gold in Campaign's Media Idea category for 'Career Quest' - a
collaboration between LBG Media, OMD and The Open University. The campaign
partnered with game designers to create an innovative experience aimed at
making education feel more accessible for young audiences.
We helped spotlight emerging creative talent through the 'Pitch Your Story'
initiative, launched in partnership with British Arrows and Merman. The
nationwide initiative was designed to champion diverse creative voices through
a new social-first film brief exploring what it means to call the UK home in
2026, giving the next generation of storytellers a platform to share fresh
perspectives and culturally relevant narratives.
We continued to place ourselves at the centre of the issues affecting young
people today. As part of this commitment, we had the opportunity to speak with
Keir Starmer about the Government's new strategy to tackle violence against
women and girls, helping bring these important conversations to younger
audiences across our platforms.
Our continued partnership with The King's Trust earned the Marketing and Media
Excellence Award. Since 2018, LBG Media has helped the Trust reach young
audiences, from being their official social partner at the annual Awards,
hosting red carpets, surprising winners, to creating LADnation reports that
reveal insights into youth careers and futures. Together, we highlight
important issues, provide opportunities, and inspire positive change in the
lives of young people.
These achievements and our partnerships reflect more than creative strength;
they show how a business built to highlight important issues, provide
opportunities and inspire positive change in the lives of young people while
delivering work that resonates with our audiences and partners.
Solly Solomou
Chief Executive Officer
9 June 2026
FINANCIAL REVIEW
Highlights & KPIs
The Group delivered top-line growth with revenue increasing by 19% to £52.4m
(1H25: £43.9m), reflecting continued commercial momentum and successful
execution of the Direct revenue strategy.
This growth was accompanied by a reduction in Adjusted EBITDA, as anticipated,
driven by the planned shift in revenue mix towards higher-quality, more
predictable Direct revenues, alongside continued investment to support future
growth and a decline in Indirect revenues. While this transition impacts
short-term profitability, it enhances earnings visibility and positions the
Group for more sustainable, long-term value creation.
The following highlights and key performance indicators ('KPIs') demonstrate
the Group's performance:
1H26 1H25 Change
(£m) (£m) (%)
Revenue 52.4 43.9 19%
Adjusted EBITDA 8.0 12.2 (34%)
Profit before tax 1.8 8.6 (79%)
Closing cash 28.4 32.9 (14%)
Cash generated from operations 3.5 13.4 (74%)
Cash conversion 63% 110% (47 ppts)
Financial KPIs
Adjusted EBITDA as a % of revenue 15.4% 27.8% (12.4 ppts)
Profit before tax as a % of revenue 3.5% 19.6% (16.1 ppts)
Non-Financial KPIs
Global audience* (bn) 0.5 0.5 -
Brief conversion 28% 28% -
Daily web sessions (m) 2.3 5.0 (53%)
Web yield per 1k sessions (£) 13.93 10.34 35%
* Global Audience reflects social followers, unique podcast listeners and
average monthly website users in the 12 months to 31 March 2026.
Revenue 1H26 1H25 Change
(£m) (£m) (%)
Direct UK 20.6 12.5 64%
Direct U.S. 16.1 6.4 154%
Direct Ireland and Rest of World 0.9 0.4 107%
Direct 37.6 19.3 95%
Indirect Social 8.0 14.3 (44%)
Indirect Web 6.5 10.2 (36%)
Indirect 14.5 24.5 (41%)
Other 0.3 0.1 23%
Total Revenue 52.4 43.9 19%
Adjusted Revenue(1) 53.6 43.9 22%
(1) Adjusted Revenue represents Group revenue adjusted to present revenue on a
constant currency basis.
Total Group Revenue
Total Group revenue reached £52.4m, representing a 19% year-on-year increase
(1H25: £43.9m).
On a constant currency basis, revenue grew 22%, reflecting strong underlying
momentum and improved visibility on earnings, driven by the continued shift
towards higher-quality, more predictable Direct revenue streams.
The Group's revenue mix has shifted to more predictable revenues, with Direct
revenue accounting for 72% and Indirect revenue contributing 28% of total
revenue for the period.
Direct Revenue
Direct revenue delivered strong growth, increasing 95% to £37.6m (1H25:
£19.3m). This is part of our planned strategic shift to more predictable
earnings from higher value, longer term Direct revenues in the UK and the
U.S.. As a result of the acceleration of growth in our Direct revenue streams,
these now account for 72% of Group revenues, up from 44% at 1H25. We have
increasing credibility with blue-chip clients and agencies who are now
engaging in long term collaborative planning with LBG Media.
Direct UK
Direct UK revenue increased by 64% to £20.6m (1H25: £12.5m), reflecting the
team's success in deepening existing relationships and embedding more closely
with key strategic partners. As clients continue to shift investment toward
digital, we are becoming an increasingly integral part of their marketing
strategies.
Growth was underpinned by an expanding base of high-value clients, with 16
clients generating campaign spend in excess of $1m (1H25: 12). Repeat client
revenue also increased to 89% (1H25: 78%), demonstrating improving client
retention and revenue quality.
Direct U.S.
Direct U.S. revenue increased by 154% to £16.1m (1H25: £6.4m), driven by
sustained momentum as the team continued to attract new clients while
retaining and growing wallet share with existing blue-chip brands.
Growth in high-value relationships further supported performance, with 7
clients generating campaign spend in excess of $1m (1H25: 5). Repeat client
revenue remained strong at 61% (1H25: 62%), reflecting the resilience and
quality of the client base.
Indirect Revenue
Indirect revenue decreased by 41% to £14.5m (1H25: £24.5m), reflecting
ongoing softness in referral volumes and the continued impact of changes to
Meta's Facebook algorithm. These trends are consistent with those experienced
in 2H25 and have contributed to the Group's evolving revenue mix, with
Indirect revenues now accounting for only 28% of total revenue (1H25: 56%).
Indirect Social
Indirect Social revenue reduced to £8.0m (1H25: £14.3m), primarily driven by
algorithm and follower referral changes, particularly within Meta.
As anticipated, this channel remains more volatile and less predictable,
reinforcing the Group's strategic focus on scaling higher-quality Direct
revenue streams.
Indirect Web
Indirect Web revenue reduced to £6.5m (1H25: £10.2m), reflecting lower
website sessions following algorithm changes by Meta and Google, which reduced
the volume of referral traffic directed to the Group's sites.
Net operating expenses 1H26 1H25 Change
(£m) (£m) (%)
Content costs 16.8 7.6 121%
Overhead costs 8.4 6.9 21%
Payroll costs 19.1 17.2 11%
Share-based payment costs 0.9 1.0 (11%)
Amortisation and depreciation 2.6 2.5 5%
Fair value movement in contingent consideration 0.9 - 100%
Adjusting items 1.7 0.4 346%
Total Group net operating expenses 50.4 35.6 42%
Net operating expenses increased to £50.4m in the period (1H25: £35.6m),
reflecting continued investment to support the Group's long-term growth
strategy.
Content costs rose 121% to £16.8m, driven by the 95% growth in Direct revenue
and ongoing investment in key talent and production relationships, enabling
the delivery of higher-value campaigns. Payroll costs increased 11% to
£19.1m, reflecting investment in senior leadership and sales capability
across our U.S. and UK Direct markets to underpin future growth.
The Group also continued to invest in emerging technologies to drive
productivity gains and enhance client engagement. These investments were
partially offset by efficiencies from improved operating processes and more
effective resource deployment, helping to maintain cost discipline.
Looking ahead, management remains focused on balancing targeted investment
with ongoing efficiency initiatives to support margin resilience and
sustainable growth.
Share-based payment charges
Share-based payment charges amounted to £0.9m (1H25: £1.0m).
Amortisation and depreciation
Depreciation and amortisation charges for the period ending 31 March 2026
totalled £2.6m (1H25: £2.5m).
Depreciation amounted to £1.4m (1H25: £1.2m), relating primarily to the
Group's right-of-use assets.
Amortisation remained broadly consistent at £1.2m (1H25: £1.3m), largely
relating to the amortisation of intangible assets arising from the Betches
acquisition, as well as the ongoing amortisation of internally developed
software and social media pages.
Contingent consideration
The Group also recognised a £0.9m fair value increase in the contingent
consideration relating to the acquisition of Betches Media, following the
achievement of its 2025 EBITDA performance targets, with the related
consideration paid in April 2026. This non-cash adjustment, recognised in
accordance with IFRS 9, is acquisition-related and has been presented
separately from operating profit on that basis.
Adjusting items
Adjusting items represent costs that are not indicative of the Group's
underlying operating performance and are therefore adjusted to ensure
consistency and comparability between reporting periods. These totalled £1.7m
in the period ended 31 March 2026 (1H25: £0.4m), comprising the following:
- £1.6m of one-off costs relating to business reorganisation within
the Web, Social and U.S. teams (1H25: £0.4m)
- £0.1m of costs associated with the recruitment of the Chief
Financial Officer
Adjusted EBITDA
Adjusted EBITDA reduced to £8.0m (1H25: £12.2m), reflecting three key
factors. Firstly, stronger growth in Direct revenue streams, which represented
72% of Group revenue in the period and carry a lower margin profile than
Indirect revenues. Secondly, investment in senior leadership and sales
capability across the Group's U.S. and UK Direct markets to support future
growth. Thirdly, the continued decline in higher-margin Indirect revenues,
driven by ongoing softness in referral volumes and the previously communicated
impact of changes to Meta's Facebook algorithm, consistent with trends
experienced in 2H25.
While operating costs increased ahead of revenue growth, this primarily
reflects the Group's deliberate investment to support the continued scaling of
the business and the transition towards more predictable and sustainable
earnings streams. Ongoing efficiency initiatives and improved operating
processes helped partially offset the impact of these investments.
Adjusted EBITDA margin reduced to 15.4% (1H25: 27.8%), reflecting the changing
revenue mix, continued strategic investment, and lower contribution from
higher-margin Indirect revenues.
Adjusted EBITDA is used for internal performance analysis to assess the
execution of our strategy and is a benchmark that has been used by management
and the investment community to assess the performance of the Group. As such,
management believe that this adjusted measure is an appropriate measure to
assess the performance of the Group. Note that using Adjusted EBITDA produces
a materially different result to the most closely related GAAP measure, being
Profit Before Tax. It is therefore important to understand the nature of any
adjusting items.
Net finance costs
Net finance costs decreased by £0.1m to £0.5m (1H25: £0.6m).
The reduction primarily reflects a lower unwinding of the discount on the
contingent consideration liability, following an additional earnout payment to
the Betches founders during FY25 which reduced both the liability and
associated finance charge.
Share of joint ventures
The Group's share of profit from joint ventures amounted to £0.4m (1H25:
£0.8m). This reduction in profit share is driven by Pubity's increased
investment in establishing its brand presence in the U.S. market.
Profit before tax
Profit before tax for the period ended 31 March 2026 reduced to £1.8m (1H25:
£8.6m).
Taxation
The tax charge for the period was £0.5m (1H25: £2.4m). The effective tax
rate for the period is 29%.
Balance sheet
As of 31 March 2026, the balance sheet shows a strengthened financial
position, with total assets increasing by £18.4m to £120.2m (30 September
2025: £101.8m).
The most significant movement was a £14.7m increase in property, plant and
equipment to £17.8m (30 September 2025: £3.1m), following the recognition of
the right-of-use asset for the new London office lease and the capitalisation
of associated fit-out costs. This was matched on the liability side by a
corresponding increase in non-current lease liabilities to £13.6m (30
September 2025: £1.0m).
Trade and other receivables increased by £5.2m to £33.2m (30 September 2025:
£28.0m), reflecting the continued shift in revenue mix towards Direct, which
carries a longer working capital cycle than the Group's other revenue streams.
The balance also included an overdue customer payment of £2.8m, which was
subsequently collected in April 2026.
Cashflow and cash position
Cash and cash equivalents at 31 March 2026 amounted to £28.4m (30 September
2025: £30.8m). Cash generated from operations was £3.5m for the period
(1H25: £13.4m), with cash conversion of 63% (1H25: 110%). This reduction
primarily reflected a higher weighting of UK and U.S. direct revenue streams
within the revenue mix, which carry greater working capital requirements,
alongside the timing of receipts in the U.S. business, including a £2.8m
overdue customer balance that was subsequently collected in April 2026.
Excluding the impact of this delayed receipt, cash conversion would have
exceeded 90%.
Net cash used in investing activities was £2.8m (1H25: £0.3m). This
primarily comprised of £2.5m investment in property, plant and equipment,
namely in relation to the capitalisation of the fit-out costs for the new
London Office.
Net cash used in financing activities was £1.9m (1H25: £4.2m). The main
outflows related to £1.1m of lease payments, alongside £0.7m of own-share
purchases by the Employee Benefit Trust.
Overall, the Group's healthy cash balance and debt-free position provide a
resilient platform to support future investment in growth initiatives.
Darren Singer
Chief Financial Officer
9 June 2026
UNAUDITED INTERIM FINANCIAL INFORMATION - LBG MEDIA PLC
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
PERIOD ended 31 MARCH 2026
Note Period ended Period ended
31 March 2026 31 March 2025
£'000 £'000
(unaudited) (unaudited)
Revenue 3 52,363 43,944
Net operating expenses 4 (50,398) (35,578)
Operating profit 1,965 8,366
Analysed as:
Adjusted EBITDA1 8,047 12,208
Depreciation 9 (1,393) (1,208)
Amortisation 8 (1,186) (1,241)
Equity-settled share-based payments charge 11 (970) (1,048)
Cash-settled share-based payments charge 11 59 25
Fair value movement in contingent consideration 12 (942) -
Adjusting items 4 (1,650) (370)
Group operating profit 1,965 8,366
Finance income 5 184 167
Finance costs 5 (693) (726)
Net finance costs (509) (559)
Share of post-tax profits of equity-accounted joint venture 356 816
Profit before taxation 1,812 8,623
Income tax expense 6 (526) (2,366)
Profit for the financial period attributable to equity holders of the Company 1,286 6,257
Currency translation differences (net of tax) 489 (1,242)
Profit and total comprehensive income for the financial period attributable to 1,775 5,015
equity holders of the Company
Basic earnings per share (pence) 7 0.6 3.0
Diluted earnings per share (pence) 7 0.6 2.9
(1) Adjusted EBITDA is an Alternative Performance Measure. Definitions and
reconciliations are set out in the Alternative Performance Measures ('APMs')
section.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
As at 31 As at 31 As at 30
March 2026 March 2025 September 2025
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Assets
Non-current assets
Goodwill and other intangible assets 8 34,720 37,100 35,258
Property, plant and equipment 9 17,789 3,978 3,059
Investments in equity-accounted joint ventures 2,611 2,011 2,254
Other receivables 116 116 119
Deferred tax asset 2,020 159 1,711
Total non-current assets 57,256 43,364 42,401
Current assets
Trade and other receivables 33,152 24,294 28,019
Inventory - 21 -
Current tax asset 1,369 - 583
Cash and cash equivalents 28,438 32,924 30,837
Total current assets 62,959 57,239 59,439
Total assets 120,215 100,603 101,840
Equity
Called up share capital 209 209 209
Share premium reserve 28,993 28,993 28,993
Treasury shares (3,944) (1,415) (3,238)
Accumulated exchange differences (2,138) (3,857) (2,627)
Retained earnings 59,581 53,877 57,325
Total equity 82,701 77,807 80,662
Liabilities
Non-current liabilities
Non-current lease liability 10 13,561 1,320 952
Provisions 549 493 484
Non-current contingent consideration 12 - - 1,331
Deferred tax liability 438 424 232
Total non-current liabilities 14,548 2,237 2,999
Current liabilities
Current lease liability 10 741 1,485 1,223
Trade and other payables 13,383 9,808 11,237
Contingent consideration 12 8,615 7,918 5,710
Current tax liabilities - 1,348 -
Derivatives 227 - 9
Total current liabilities 22,966 20,559 18,179
Total liabilities 37,514 22,796 21,178
Total equity and liabilities 120,215 100,603 101,840
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
PERIOD ended 31 MARCH 2026
Period ended 31 March 2026 Period ended 31 March 2025 Year ended 30 September 2025
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Net cash flow from operating activities
Profit for the financial period/year 1,286 6,257 10,620
Income tax 526 2,366 3,404
Net interest expense 509 559 719
Share of post-tax profits of equity accounted joint venture (356) (816) (1,059)
Operating profit 1,965 8,366 13,684
Depreciation charge 9 1,393 1,208 2,417
Amortisation of intangible assets 8 1,186 1,241 2,386
Equity settled share-based payments 11 970 1,048 1,851
Cash settled share-based payment 11 (59) (25) 99
Settlement of cash settled share options (91) - (980)
Effect of exchange rates on contingent consideration - - 127
Fair value movement in contingent consideration 12 942 - 3,220
(Increase)/decrease in trade and other receivables (5,169) 1,767 (1,935)
Increase/(decrease) in trade and other payables 2,391 (237) 2,417
Cash generated from operations 3,528 13,368 23,286
Tax paid (1,416) (3,290) (7,944)
Net cash generated from operating activities 2,112 10,078 15,342
Cash flows from investing activities
Purchase of intangible assets 8 (256) (107) (394)
Purchase of property, plant and equipment 9 (2,517) (197) (480)
Settlement of amounts payable to sellers - - (213)
Payment of contingent consideration - - (4,339)
Net cash used in investing activities (2,773) (304) (5,426)
Cash flows from financing activities
Lease payments 10 (1,099) (1,466) (2,080)
Lease deposits paid - (49) (50)
Lease deposits received 8 106 104
Purchase of own shares (706) (2,863) (4,013)
Interest received - 195 -
Interest paid 10 (55) (104) (181)
Net cash used in financing activities (1,852) (4,181) (6,220)
Net (decrease)/ increase in cash and cash equivalents (2,513) 5,593 3,696
Cash and cash equivalents at the beginning of the period 30,837 27,174 27,174
Effect of exchange rate changes on cash and cash equivalents 114 157 (33)
Cash and cash equivalents at the end of the period/year(1) 28,438 32,924 30,837
(1) Cash and cash equivalents at 31 March 2026 include £689k of cash held by
the EBT (30 September 2025: £1,387k, 31 March 2025: £214k), which is
restricted for the purpose of settling employee share awards.
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 31 MARCH 2026
Notes Share capital Share premium Own share reserve (EBT) Accumulated exchange differences Retained earnings Total Equity
£'000 £'000 £'000 £'000 £'000 £'000
Balance as at 1 October 2024 209 28,993 - (2,615) 46,572 73,159
Profit for the financial period - - - - 6,257 6,257
Currency translation differences - - - (1,242) - (1,242)
Total comprehensive (loss)/income for the period - - - (1,242) 6,257 5,015
Purchase of own shares - - (2,863) - - (2,863)
Transfers to employees - - 1,448 - - 1,448
Share based payments 11 - - - - 1,048 1,048
Total transactions with owners, - - (1,415) - 1,048 (367)
recognised directly in equity
Balance as at 31 March 2025 (unaudited) 209 28,993 (1,415) (3,857) 53,877 77,807
Profit for the financial period - - - - 4,363 4,363
Currency translation differences - - - 1,230 - 1,230
Total comprehensive income for the period - - - 1,230 4,363 5,593
Purchase of own shares (EBT) - - (1,150) - - (1,150)
Transfer to employees - - (1,448) - - (1,448)
Own shares used to satisfy vested awards - - 775 - (775) -
Share-based payments - - - - 803 803
Equity-settled share options switched to cash-settled share options - - - - (942) (942)
Deferred tax on share option - - - - (1) (1)
Total transactions with owners, - - (1,823) - (915) (2,738)
recognised directly in equity
Balance as at 30 September 2025 and 1 October 2025 (audited) 209 28,993 (3,238) (2,627) 57,325 80,662
Profit for the financial period - - - - 1,286 1,286
Currency translation differences - - - 489 - 489
Total comprehensive income for the period - - - 489 1,286 1,775
Purchase of own shares (EBT) - - (706) - - (706)
Share-based payments 11 - - - - 970 970
Total transactions with owners, - - (706) - 970 264
recognised directly in equity
Balance as at 31 March 2026 (unaudited) 209 28,993 (3,944) (2,138) 59,581 82,701
NOTES TO THE UNAUDITED INTERIM FINANCIAL INFORMATION
Period ended 31 March 2026
1. General information
The principal activity of LBG Media plc ('the Company') is that of a holding
company and the principal activity of the Company and its subsidiaries ('the
Group') is that of an online media publisher. The Company was incorporated on
20 October 2021 and is a public company limited by shares registered in
England & Wales. The registered office of the Company is 20 Dale Street,
Manchester, M1 1EZ. The Company registration number is 13693251. The Company
is listed on the AIM market of the London Stock Exchange.
A copy of the audited annual statutory accounts for the Group and the Half
Yearly report can be found on the company's website: https://lbgmedia.co.uk
(https://lbgmedia.co.uk) .
2. BASIS OF PREPARATION
The interim financial information of the Group for the six months ended 31
March 2026, which is unaudited, has been prepared in accordance with the
recognition and measurement principles of International Financial Reporting
Standards ('IFRS') and the accounting policies adopted by the Group and set
out in the Annual Report and Financial Statements for the year ended 30
September 2025. The Directors do not anticipate any changes in these
accounting policies for the year ended 30 September 2026.
The unaudited interim financial information has been prepared on a going
concern basis under the historical cost convention. The unaudited interim
financial information is presented in pounds sterling and all values are
rounded to the nearest thousand pounds (£'000), except where otherwise
indicated. The interim financial information, including for the year ended 30
September 2025, does not constitute statutory accounts for the purposes of
section 434 of the Companies Act 2006. The statutory accounts for the year
ended 30 September 2025 have been delivered to the Registrar of Companies and
the auditor's report on those accounts was unqualified, did not draw attention
to any matters by way of emphasis, and did not contain a statement under
498(2) or 498(3) of the Companies Act 2006.
This unaudited interim financial information has been prepared in accordance
with the requirements of the AIM Rules for Companies and in accordance with
this basis of preparation.
3. REVENUE
The trading operations of the Group are in the online media publishing
industry and are all continuing.
Analysis of revenue
The Group's revenue and operating profit relate entirely to its principal
activity.
The analysis of revenue by stream split by legal entity location is:
6 months to 31 March 2026 (unaudited) UK U.S. Ireland Rest of the World Total
£'000
£'000
£'000 £'000 £'000
Direct 20,570 16,136 802 111 37,619
Indirect Social 7,785 49 153 - 7,987
Indirect Web 6,379 133 7 - 6,519
Other - 238 - - 238
34,734 16,556 962 111 52,363
UK U.S. Ireland Rest of the World Total
6 months to 31 March 2025 (unaudited) £'000 £'000 £'000 £'000 £'000
Direct 12,506 6,353 277 164 19,300
Indirect Social 13,781 29 486 - 14,296
Indirect Web 9,946 200 8 - 10,154
Other - 194 - - 194
36,233 6,776 771 164 43,944
4. NET OPERATING EXPENSES
6 months to 31 March 2026 6 months to 31 March 2025
£'000 £'000
(unaudited) (unaudited)
Employee benefit expense 20,057 18,242
Amortisation 1,186 1,241
Depreciation 1,393 1,208
Auditor's remuneration 176 182
Legal and professional 1,284 1,424
Media costs 5,321 2,943
Production costs 11,474 4,654
Travel and expenses 1,230 1,081
Establishment costs 4,718 4,081
Foreign currency loss / (gain) 116 (366)
Adjusting items 1,650 370
Fair value movement in contingent consideration 942 -
Other expenses 851 518
Total net operating expenses 50,398 35,578
Adjusting items
A breakdown of adjusting items has been provided below:
6 months to 31 March 2026 6 months to 31 March 2025
£'000 £'000
(unaudited) (unaudited)
Costs associated with business reorganisations 1,525 370
CFO recruitment costs 125 -
Total adjusting items 1,650 370
Adjusting items of £1.7m were incurred during the period (1H25: £0.4m).
These comprise £1.6m of one-off costs relating to business reorganisation
within the Web, Social and U.S. teams, together with £0.1m of costs
associated with the recruitment of the Chief Financial Officer.
These costs are non-recurring in nature and not reflective of the Group's
underlying operating performance. Accordingly, they have been presented
separately from Adjusted EBITDA to improve consistency and comparability
between reporting periods.
5. NET FINANCE COSTS
6 months to 31 March 2026 6 months to 31 March 2025
£'000 £'000
(unaudited) (unaudited)
Unwinding of discount on provisions (14) (12)
Unwinding of discount on contingent consideration liability (482) (610)
On lease interests (197) (104)
Finance costs (693) (726)
Unwinding of discounts on deposits 2 6
Bank interest received 182 161
Finance income 184 167
Net finance costs (509) (559)
6. INCOME TAX EXPENSE
Tax expense included in profit or loss:
6 months to 31 March 2026 6 months to 31 March 2025
£'000 £'000
(unaudited) (unaudited)
Current year tax:
Current taxation charge for the period 621 2,343
Total current tax 621 2,343
Deferred tax:
Current period (95) 23
Total deferred tax (95) 23
Total tax on profit on ordinary activities 526 2,366
Reconciliation of tax charge
The tax assessed for the period is higher (1H25: higher) than the standard
rate of corporation tax in the UK. The differences are explained below:
6 months to 31 March 2026 6 months to 31 March 2025
£'000 £'000
(unaudited) (unaudited)
Profit before taxation 1,812 8,623
Tax on profit multiplied by standard rate of corporation tax in the UK at 25% 453 2,156
(1H25: 25%)
Effects of:
Expenses not deductible 22 38
Non-taxable income (89) (205)
Effects of overseas tax rates 57 176
Amounts not recognised - 67
Share valuation 83 134
Total taxation charge 526 2,366
7. EARNINGS PER SHARE
There is no difference between profit as disclosed within the statement of
comprehensive income and earnings used within the earnings per share
calculation for the reporting periods.
Basic earnings per share calculation 6 months to 31 March 2026 6 months to 31 March 2025 Year ended 30 September 2025
(unaudited) (unaudited) (audited)
Earnings per share from continuing operations
Earnings, £'000 1,286 6,257 10,620
Number of shares, number (m) 209.1 209.1 209.1
Earnings per share, pence 0.6 3.0 5.1
Diluted earnings per share calculation 6 months to 31 March 2026 6 months to 31 March 2025 Year ended 30 September 2025
(unaudited) (unaudited) (audited)
Diluted earnings per share from continuing operations
Earnings, £'000 1,286 6,257 10,620
Number of shares, number (m) 210.3 214.1 213.9
Diluted earnings per share, pence 0.6 2.9 5.0
Reconciliation from weighted average number of shares used in basic earnings
per share to diluted earnings per share:
6 months to 31 March 2026 6 months to 31 March 2025 Year ended 30 September 2025
(m) (m) (m)
(unaudited) (unaudited) (audited)
Number of shares in issue at the start of the period 209.1 209.1 209.1
Effect of shares issued in period - - -
Weighted average number of shares used in basic earnings per share 209.1 209.1 209.1
Employee share options 4.4 5.0 6.9
Weighted average impact of shares purchased by EBT (3.2) - (2.1)
Weighted average number of shares used in diluted earnings per share 210.3 214.1 213.9
8. GOODWILL AND OTHER INTANGIBLE ASSETS
Trademarks and licences Software Relationships Brand Content library Goodwill Social media pages Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Cost
At 1 October 2024 28 1,514 4,804 10,818 300 23,927 1,903 43,294
Additions - 107 - - - - - 107
Exchange adjustments - - 132 224 - 523 31 910
At 31 March 2025 (unaudited) 28 1,621 4,936 11,042 300 24,450 1,934 44,311
Additions - 265 - - - - - 265
Disposals - (66) - (1) - - - (67)
Exchange adjustments - - (147) (253) - (580) (34) (1,014)
At 30 September 2025 (audited) 28 1,820 4,789 10,788 300 23,870 1,900 43,495
Additions 6 250 - - - - - 256
Exchange adjustments - - 65 121 - 256 15 457
At 31 March 2026 (unaudited) 34 2,070 4,854 10,909 300 24,126 1,915 44,208
Accumulated amortisation
At 1 October 2024 28 462 1,196 3,421 300 - 557 5,964
Charge for the period - 150 303 580 - - 208 1,241
Exchange adjustments - - 4 2 - - - 6
At 31 March 2025 (unaudited) 28 612 1,503 4,003 300 - 765 7,211
Charge for the period - 158 276 530 - - 181 1,145
Elimination on disposal - (66) - (1) - - - (67)
Exchange adjustments - - (19) (24) - - (9) (52)
At 30 September 2025 (audited) 28 704 1,760 4,508 300 - 937 8,237
Charge for the period 1 186 284 530 - - 185 1,186
Exchange adjustments - - 19 33 - - 13 65
At 31 March 2026 (unaudited) 29 890 2,063 5,071 300 - 1,135 9,488
Net book value
At 31 March 2025 (unaudited) - 1,009 3,433 7,039 - 24,450 1,169 37,100
At 30 September 2025 (audited) - 1,116 3,029 6,280 - 23,870 963 35,258
At 31 March 2026 (unaudited) 5 1,180 2,791 5,838 - 24,126 780 34,720
9. PROPERTY, PLANT AND EQUIPMENT
Fixtures and fittings Computer equipment Right-of-use assets Assets held under construction Total
£'000 £'000 £'000 £'000 £'000
Cost
At 1 October 2024 896 1,240 9,065 - 11,201
Additions 46 151 - - 197
Disposals - (37) - - (37)
Exchange adjustments - 11 52 - 63
At 31 March 2025 (unaudited) 942 1,365 9,117 - 11,424
Additions 159 94 - 59 312
Disposals (110) (413) - - (523)
Exchange adjustments (1) (10) (29) - (40)
At 30 September 2025 (audited) 990 1,036 9,088 59 11,173
Additions 1 76 13,604 2,440 16,121
Disposals - (54) - - (54)
Exchange adjustments 1 4 25 - 30
At 31 March 2026 (unaudited) 992 1,062 22,717 2,499 27,270
Accumulated depreciation
At 1 October 2024 302 564 5,388 - 6,254
Charge for the period 146 164 898 - 1,208
Elimination on disposal - (32) - - (32)
Exchange adjustments - 1 15 - 16
At 31 March 2025 (unaudited) 448 697 6,301 - 7,446
Charge for the period 157 150 904 - 1,211
Elimination on disposal (110) (418) - - (528)
Exchange adjustments - (2) (13) - (15)
At 30 September 2025 (audited) 495 427 7,192 - 8,114
Charge for the period 168 138 1,087 - 1,393
Elimination on disposal - (44) - - (44)
Exchange adjustments - 1 17 - 18
At 31 March 2026 (unaudited) 663 522 8,296 - 9,481
Net book value
At 31 March 2025 (unaudited) 494 668 2,816 - 3,978
At 30 September 2025 (audited) 495 609 1,896 59 3,059
At 31 March 2026 (unaudited) 329 540 14,421 2,499 17,789
10. LEASES
Lease liability 6 months to 31 March 2026 6 months to 31 March 2025 Year ended 30 September 2025
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
At beginning of the period 2,175 4,242 4,242
Additions 13,077 - -
Lease payments (1,099) (1,466) (2,080)
Interest expense 197 104 181
Interest paid (55) (104) (181)
Foreign exchange movements 7 29 13
Total lease liabilities at period/year end 14,302 2,805 2,175
Lease liabilities maturity analysis 6 months to 31 March 2026 6 months to 31 March 2025 Year ended 30 September 2025
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Amount repayable
Within one year 804 1,614 1,316
In more than one year but less than two years 442 810 684
In more than two years but less than three years 2,034 445 322
In more than three years but less than four years 2,497 161 -
In more than four years but less than five years 2,497 - -
In more than five years 11,862 - -
Total undiscounted payments 20,136 3,030 2,322
Less: future interest unwind (5,834) (225) (147)
Total lease liabilities at period/year end 14,302 2,805 2,175
Lease liabilities increased to £14.3m at 31 March 2026 (30 September 2025:
£2.2m), primarily reflecting the Group entering into a new long-term London
office lease during the period. As a result, future lease commitments are
weighted towards periods beyond five years.
11. SHARE-BASED PAYMENTS
The Group operates a number of Share Option Schemes under which Executive
Directors, Non-Executive Directors, managers and team members of the Group are
granted options over shares. The Group did not enter into any share-based
payment transactions with other parties other than employees during the
current or prior period.
The charge recognised from equity-settled share-based payments in respect of
employee services received during the period is £970k (1H25: £1,048k).
The credit recognised from cash-settled share-based payments in respect of
employee services received during the period is £59k (1H25: £25k).
12. CONTINGENT CONSIDERATION
A reconciliation from the opening to closing contingent consideration balance
can be found below:
6 months to 31 March 2026 6 months to 31 March 2025 Year ended 30 September 2025
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
At beginning of the period/year 7,041 7,051 7,051
Unwinding of discount(1) 482 610 914
Settlement of consideration - - (4,339)
Fair value adjustment 942 - 3,220
Effect of exchange rates on the settlement of consideration - - 127
Exchange adjustment 150 257 68
At period/year end 8,615 7,918 7,041
Analysed as:
Amounts falling due within 12 months 8,615 7,918 5,710
Amounts falling due after one year - - 1,331
At period/year end 8,615 7,918 7,041
1. The discount rate used for the unwinding of the contingent
consideration is 17.6%.
Fair value movements
At 31 March 2026, the fair value of the contingent consideration was £8,615k
(30 September 2025: £7,041k, 31 March 2025: £7,918k). Since acquisition, two
earn-out payments have been made, which reduced the carrying value of the
liability. During the period, the Group recognised a fair value increase of
£942k following Betches Media, LLC's achievement of its 2025 EBITDA
performance targets, with the related consideration paid in April 2026. One
performance period remains, covering the 2026 calendar year.
13. RELATED PARTY TRANSACTIONS
6 months to 31 March 2026 6 months to 31 March 2025 Year ended 30 September 2025
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Entity controlled by key management personnel
Purchase of services1 324 240 531
Transactions with Pubity Group Ltd2 (30) (130) (234)
1. Services are purchased from Kamani Commercial Property Ltd (an entity
controlled by a significant shareholder) on normal commercial terms and
conditions. Kamani Commercial Property Ltd is a firm belonging to Mahmud
Abdullah Kamani, a former Director of the Group. The Group leases the
Manchester Dale Street properties from Kamani Commercial Property Ltd. The
'purchase of services' in the table above relates to the payments made in the
period for the Dale Street properties for both rent and service charges.
Payments made to 31 March 2026 totalled £324k (30 September 2025: £531k, 31
March 2025: £240k). The amount outstanding of the lease liability as at 31
March 2026 is £736k (30 September 2025: £948k, 31 March 2025: £995k). The
outstanding service charge balance at 31 March 2026 is £34k (30 September
2025: £17k, 31 March 2025: £17k).
2. During the period, the Group incurred transactions totalling £30k (30
September 2025: £234k, 31 March 2025: £130k) with Pubity Group Ltd, a joint
venture of LBG Media plc. These transactions were conducted on normal
commercial terms. As at 31 March 2026, £15k was due from Pubity Group Ltd (30
September 2025: £40k, 31 March 2025: £49k).
GLOSSARY OF ALTERNATIVE PERFORMANCE MEASURES ('APMS')
Introduction
In the reporting of financial information, the Directors have adopted various
Alternative Performance Measures ('APMs') of financial performance, position
or cash flows other than those defined or specified under International
Financial Reporting Standards ('IFRS'). These measures are not defined by IFRS
and therefore may not be directly comparable with other companies' APMs,
including those in the Group's industry. APMs should be considered in addition
to IFRS measures and are not intended to be a substitute for IFRS
measurements.
Purpose
The Directors believe that these APMs provide additional useful information on
the underlying performance and position of LBG Media plc. APMs are also used
to enhance the comparability of information between reporting periods by
adjusting for non-recurring or uncontrollable factors which affect IFRS
measures, to aid the user in understanding LBG Media plc's performance.
Consequently, APMs are used by the Directors and management for performance
analysis, planning, reporting and incentive-setting purposes and have remained
consistent with the prior period.
The key APMs that the Group has focused on in this period are as follows:
APM: Adjusted EBITA
Definition: This profit measure shows the Group's Earnings Before Interest,
Tax, Depreciation, Amortisation adjusted for share-based payment charge, fair
value movements in contingent consideration and adjusting items.
Adjusted EBITDA is used for internal performance analysis to assess the
execution of our strategy and is a benchmark that has been used by management
and the investment community to assess the performance of the Group. As such,
management believe that this adjusted measure is an appropriate measure to
understand the underlying performance of the Group.
Reconciliation to closest GAAP measure:
Adjusted EBITDA 6 months to 31 March 2026 6 months to 31 March 2025
£'000 £'000
(unaudited) (unaudited)
Operating profit 1,965 8,366
Depreciation 1,393 1,208
Amortisation 1,186 1,241
Equity-settled share-based payments charge 970 1,048
Cash-settled share-based payments charge (59) (25)
Fair value movements in contingent consideration 942 -
Adjusting items 1,650 370
Adjusted EBITDA 8,047 12,208
APM: Cash conversion
Definition: Cash conversion is calculated as cash generated from operations
pre-tax, adjusted for the impact of cash adjusting items, divided by adjusted
EBITDA. This measure reflects the extent to which Adjusted EBITDA is converted
into cash during the period.
Cash Conversion is used by management to assess the quality of the Group's
earnings and the effectiveness with which operating profits are translated
into cash. By adjusting for cash adjusting items, this measure provides
greater insight into underlying cash generation, supports comparability
between periods, and aids the assessment of liquidity and working capital
management.
Reconciliation to closest GAAP measure:
Cash conversion 6 months to 31 March 2026 6 months to 31 March 2025
£'000 £'000
(unaudited) (unaudited)
Cash generated from operations before tax 3,528 13,368
Adjusting cash items(1) 1,537 -
Adjusted cash generated from operations before tax 5,065 13,368
Adjusted EBITDA 8,047 12,208
Cash conversion % 63% 110%
(1) Adjusting cash items represent cash flows relating to items excluded from
Adjusted EBITDA.
APM: Adjusted Revenue
Definition: Adjusted Group Revenue represents statutory Group revenue adjusted
to present revenue on a constant currency basis. Constant currency adjustments
are applied to remove the impact of foreign exchange movements between
periods, using the same USD exchange rates as the prior period for U.S. and
Facebook income. This measure is used to provide a like-for-like comparison of
underlying Group revenue performance year-on-year.
Adjusted Group Revenue is used by management to assess the underlying
performance of the Group by removing the impact of items that do not reflect
ongoing trading, and by eliminating the effects of foreign exchange movements
between periods. Presenting revenue on a constant currency basis provides a
more meaningful like-for-like comparison of revenue performance year-on-year
and supports clearer analysis of operational trends.
Reconciliation to closest GAAP measure:
Adjusted Group revenue 6 months to 31 March 2026 6 months to 31 March 2025
£'000 £'000
(unaudited) (unaudited)
Total Group revenue 52,363 43,944
Constant currency adjustment 1,226 -
Adjusted Group revenue 53,589 43,944
GLOSSARY OF Terms
A glossary of other terms used can be found below:
AIM: The Alternative Investment Market ('AIM') is a sub-market of the London
Stock Exchange.
Direct revenues: Direct revenue is generated when we provide content marketing
services to blue-chip brands and media agencies, engaging directly with the
advertiser.
Engagements: The measurement of a like, share or comment on social media
platforms.
Flywheel: LBG Media's 'flywheel' is taken to mean a virtuous circle, based on
the following factors: increasing scale among the young adult audience,
combined with LBG Media's culturally relevant content and brands (such as
LADbible and Betches), in turn supports greater client demand and
attractiveness to celebrities. This 'flywheel' is supported by proprietary
content creation tools and AI technology.
Global audience: Includes global social media platform followers, unique
podcast listeners and global monthly online users to LBG Media websites.
Indirect revenues: Indirect is where we generate revenue on social platforms
('Social') and from our owned and operated websites ('Web').
Multi-platform: Refers to the Group operating on multiple social media
platforms including Facebook, Instagram, Snapchat, TikTok, X and YouTube. In
addition, the Group operates 8 owned and operated websites - www.betches.com,
www.ladbible.com, www.sportbible.com, www.tyla.com, www.gamingbible.com,
www.foodbible.com, www.unilad.com and www.uniladtech.com.
Repeat client revenue: Repeat client revenue represents the percentage of 1H26
Direct revenue generated from clients that ran campaigns with us in 2024 and
2025. Repeat client revenue for 1H25 represents the percentage of 1H25 Direct
revenue generated from clients that ran campaigns with us during the 2023 and
2024 periods
Serviceable addressable market ('SAM'): At LBG, serviceable addressable market
('SAM') means the slice of the overall market that we can realistically target
with our current products/geographies and go-to-market.
Web sessions: Web sessions reflect unique individual interactions with our
website.
Web yield: Daily web sessions reflect unique individual interactions with our
website. Yield per session is per 1,000 sessions.
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. END IR FPMPTMTAMBAF
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