Business
Trading update and notice of half year results
Trading update and notice of half year results.
About this update from Lbg Media Plc
[{"type":"text","content":"\n\n\n\n\n\n\n\n\n 24 July 2024\n\n\n\n\nLBG Media plc\n(\"LBG Media\", the \"Group\" or the \"Company\")\nTrading update, notice of half year results and change of accounting reference date\nLBG Media, the global digital entertainment business with a focus on young adults, is pleased to announce a trading update for the half year ended 30 June 2024 (\"HY24\" or \"the period\").\nTrading update\n· The Group expects to report first half revenue of £42.3m (HY23: £27.2m) representing growth of 55%. Excluding the Betches acquisition, organic growth was 29%.\no Direct revenue increased by 92% to £22.0m (HY23: £11.5m), and by 33% organically, reflecting strong performance in the UK and continued growth in the US, as well as a number of successful campaign activations across the UEFA Euro 2024 tournament.\no Indirect revenue increased by 28% to £19.7m (HY23: £15.3m), or 27% organically, with further acceleration of Web indirect that has been performing strongly, enhancing broader revenue diversification.\no Global audience increased to 493m, up from 410m at HY23 and 452m at FY23.1\n· Adjusted EBITDA expected to be £10.2m (HY23: £3.0m) an increase of 240% driven by operational leverage, the Betches acquisition and a more efficient ANZ operating model that is delivering benefits as planned. On an organic basis adjusted EBITDA has increased by 190%.\n· Betches contributed £7.1m of revenue and £1.5m of adjusted EBITDA in HY24 as integration continues to progress well.\n· Cash and cash equivalents at 30 June 2024 of £26.6m compared to £15.8m at 31 December 2023.\n· The UEFA Euro 2024 tournament has given the Group a number of opportunities to work with brands seeking to access our young adult audience, with notable campaigns including Euros-themed editions of the hugely popular original series of \"Snack Wars\" sponsored by Uber Eats.\nOutlook\n \nWhilst advertising revenues will continue to be typically weighted towards H2, this year is expected to be less pronounced for us given the positive effect of UEFA Euro 2024 campaigns in the first half and the acquisition of Betches, which has a more even split of revenue.\nThe global implementation of a new c...