LAD Bible owner LBG Media swings to profit as audience hits record high

LAD Bible owner LBG Media has swung to a profit and posted as its global audience nears 500m, sending shares up over seven per cent at the opening bell on Wednesday.

The London-listed digital entertainment company recorded a profit of £7.1m in the first half of 2024, turning around from losses of £1.2m in the same period a year ago.

Total revenue grew 29 per cent on an organic basis to £42.3m, up from £27.2m in the first half of 2023, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) soared to £10.2m, from £3m in the prior period.

The strong financial results came as LBG said its global audience increased by 20 per cent year-on-year, to hit a record 494m, with a US audience of 141m.

LBG, which recently scooped up digital producer Betches Media , said it “remains confident” it will deliver on full year market expectations for revenue £86m and adjusted EBITDA £23.5m. It has a “line of sight” to £200m of revenue.

Chief executive Solly Solomou said: “ Key sporting event activations and rising audience numbers confirm our position as the number one digital entertainment brand for young adults, a highly sought-after but challenging demographic for marketers.”

LBG has steadily been building market share in the US, a region where Solomou said the company is “going from strength to strength”.

He added: “In the complex digital media landscape, the detailed understanding we have of our audience and our propensity to be agile in such a dynamic market provide a strong foundation for long-term growth and the delivery of shareholder value.”