REG - LBG Media PLC - Half-year trading update

LBG MediaAnnouncement

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RNS Number : 3837B  LBG Media PLC  22 April 2026

22 April 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" or the "Group")

 

Half-year trading update

 

LBG Media plc, a social entertainment powerhouse with a focus on young adults,
announces a trading update for the half-year ending 31 March 2026 ("H1 26").
All figures and commentary relate to this period, unless otherwise stated.

 

 ●    Acceleration of our revenue mix towards more predictable performance with
      greater visibility on earnings: strong revenue momentum, up 19% to £52.4m (H1
      25: £43.9m). Constant currency revenue growth of 22%, a significant increase
      on FY25 (10% constant currency growth).

 ●    EBITDA margins reflect changing revenue mix and investment, as outlined in our
      FY26 Outlook: lower adjusted EBITDA of £8.0m (H1 25 £12.2m), reflecting
      three key factors. Firstly, planned investment in senior leadership and sales
      capability in our U.S. and UK Direct markets.(1)  Secondly, revenue and
      margin mix moving towards Direct revenue streams, which accounted for more
      than 70% of Group revenues at H1 26 (FY25: c.55%). Thirdly, we did not see a
      recovery in our Indirect revenue streams(2) in H1 26, with referral volumes
      and previously announced changes to Meta's algorithm for Facebook continuing
      in line with trends experienced in H2 25, leading to lower Group margins.

 ●    Excellent growth in our Direct revenue streams: we continue to expand existing
      customer relationships in both the U.S. and the UK.  The underlying trend is
      an increased share of wallet and growth in the U.S. which is becoming
      materially more important, driven by strong demand from blue-chip brands for
      our relevant and engaging content on premium digital platforms to reach young
      adults.

 ●    Momentum for our longstanding use of generative AI: investment in emerging
      technology driving productivity gains and client engagement.

 ●    Global audience of c.0.5bn (FY25: 0.5bn).(3)

 ●    Strong cash position: net cash and cash equivalents at 31 March 2026 of
      £28.4m (FY25: £30.8m). Our strong balance sheet and cash generation
      continues to support selective acquisitions where we see a compelling
      strategic fit.

Outlook

 

The Group is moving towards higher quality revenue, with reduced future
reliance on Indirect.  The increased focus on Direct revenue streams is
performing ahead of expectations, with the result that the Board is increasing
its FY26 revenue expectations to c.£110m.  However, the revenue mix now
projected for the full year - with accelerating growth in our Direct revenue
streams, which have lower margins than Indirect revenue streams - means that
we expect Group FY26 EBITDA to be c.£22m(4).

 

The H2 26 weighting for adjusted EBITDA reflects the benefit of senior hires,
as well as cost savings made in H1 26.  This is underpinned by excellent
momentum from our Direct revenue streams, including a healthy pipeline for H2
26 in the UK and U.S., combined with our strong audience engagement.

 

CEO, Solly Solomou said:

 

"LBG Media delivered constant currency revenue growth of 22% in the first half
of our financial year - a significant step-up from 10% constant currency
revenue growth delivered in FY25.  This shows the early benefits of our
strategy to accelerate investment in our growth to drive predictable revenues,
as outlined at our FY25 results in February.

The Board believes this transition positions the Group for a higher-quality
revenue base over the medium term, with reduced reliance on Web and Facebook;
increasing contribution from Direct revenues in the UK, U.S. and owned IP; and
selective acquisitions."

 

Notice of half-year results

LBG Media intends to announce its 2026 half-year results on 9 June 2026.

 

Notes

 

1. "Direct revenues": content for brands and media agencies to reach young
adults.

2. "Indirect revenues": revenue-sharing agreements with social media platforms
that display adverts near our content and owned websites.

3. Global audience reflects social followers, unique podcast listeners and
average monthly website users in the period.

4. FY26 consensus expectations: revenue of £105m and Adjusted EBITDA of
£25.4m.

 

For further information please contact:

 

 LBG Media plc
 Solly Solomou, Co-founder & CEO                             investors@ladbiblegroup.com
 Dave Wilson, Executive Chair

 Darren Singer, CFO

 Zeus (Nominated Adviser & Broker)                           Tel: +44 (0) 161 831 1512
 Dan Bate / Kieran Russell (Investment Banking)              www.zeuscapital.co.uk (http://www.zeuscapital.co.uk/)
 Benjamin Robertson (Equity Capital Markets)

 Peel Hunt LLP (Joint Broker)                                Tel: +44 (0) 207 418 8990
 Neil Patel / Benjamin Cryer                                 www.peelhunt.com
 Kate Bannatyne / Alice Lane

 FTI Consulting LLP                                          Tel: +44 (0) 203 727 1000

 Jamie Ricketts / Kwaku Aning / Jemima Gurney / Chloe Yorke  lbgmedia@fticonsulting.com (mailto:ladbiblegroup@fticonsulting.com)

 

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 those dedicated to distinct
popular interests (e.g. news, sport, gaming) like LADbible and SPORTbible.

 

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 and programmatic
advertising partners - 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 or partner as
applicable.

 

LBG Media is listed on the AIM market of the London Stock Exchange (AIM:
LBG).

 

 

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