LBG Media H1 earnings more than double YOY

24th Jul 2024 09:55

(Sharecast News) - Digital entertainment business LBG Media said on Wednesday that both earnings and revenues had surged in the six months ended 30 June, leaving it confident of its ability to meet full-year expectations.

LBG said H1 revenues were expected to have grown 55% to £42.3m, with direct revenues increasing 92% to £22.0m and indirect revenue growing 28% to £19.7m.

The AIM-listed group also expects adjusted underlying earnings to have skyrocketed 240% to £10.2m, driven by operational leverage, its acquisition of Betches, and a "more efficient" ANZ operating model. On an organic basis, adjusted EBITDA increased by 190%.

Looking forward, LBG stated that whilst advertising revenues will continue to be typically H2 weighted, this would be less pronounced in FY24 given the "positive effect" of UEFA Euro 2024 campaigns in H1 and its recent acquisition of Betches.

Chief 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 £200.0m of revenue.

"I am extremely excited by the opportunities ahead as our diverse revenue model and strong momentum position us well for continued success."

As of 0955 BST, LBG shares had shot up 13.09% to 124.40p.

Reporting by Iain Gilbert at Sharecast.com