LBG Media surges on 'robust' second half

19th Dec 2022 12:35

(Sharecast News) - LBG Media said in a trading update on Monday that, after a "robust performance" in the second half to-date, full-year revenue was expected to be about £63m.

The AIM-traded company, which owns online publishing titles including 'Lad Bible' and 'Unilad', said adjusted EBITDA for the 12 months ending 31 December was set to come in at around £16m.

As expected, the board said revenue growth accelerated in the "seasonally stronger" second half, with group revenue set to have grown by more than 20% year-on-year.

"There has been growth across both direct and indirect segments against the backdrop of a challenging economic environment," the directors said in their statement.

"Given the momentum seen in the second half, and the cost reduction exercise completed in November, management is confident about the outlook for continued growth in 2023."

At 1144 GMT, shares in LBG Media were up 17.43% at 79.85p.

Reporting by Josh White for Sharecast.com.