LAD Bible owner LBG Media shares soar 12 per cent as Euros and Betches deal drive growth
The media company increased its global audience to 493m in the first half of the year, up from 410m in the same period of 2023.
Shares in LBG Media soared 12 per cent after the company behind popular entertainment channel LAD Bible posted strong revenue and earnings growth as a result of the UEFA Euros tournament and soaring audience numbers.
The London listed company said organic revenue increased 29 per cent in the first half of 2024 and, including the recent acquisition of digital producer Betches Media, it grew 55 per cent to £42.3m.
Adjusted earnings before interest, tax, depreciation and amortisation soared 240 per cent to £10.2m, compared to £3m in the first half of 2023, fuelled by the Betches acquisition and improvements to its operating model in Australia and New Zealand.
LBG Media, which targets a young adult audience, said the UEFA Euro tournament provided opportunities to work with brands such as Uber Eats and these helped offset weaker advertising revenue in the first half.
They also helped the media company increase its global audience to 493m in the first half of the year, up from 410m in the same period of 2023.
Analysts at Zeus Research said LBG has “unrivalled engagement” with its growing audience. It has “clear potential to outperform expectations should we see a sustained recovery in demand for advertising,” they added.
LBG Media also announced plans to change its financial year-end from 31 December to 30 September.
Cheif executive Solly Solomou said: “It has been a strong start to the year as the business continues to make good progress along the line of sight to £200m of revenue.
“Performance in Direct and Web highlight the strength of our diverse revenue model and the operational changes in ANZ are delivering planned benefits, with further expansion of our partnership within the APAC region.
“We have continued the integration of our US commercial teams to leverage early customer wins by presenting a ‘one stop shop’ for brands wanting to reach a diverse young adult audience.
“I am extremely excited by the opportunities ahead as our diverse revenue model and strong momentum position us well for continued success,” he added.
The AIM-listed stock has jumped over 50 per cent in the past year.
