LBG Media PLC shares jumped on Monday, after the company said annual revenue is expected to grow from a year before, and it is confident of further growth.

The Manchester-based digital media and youth content publisher said revenue to hit around £63 million in 2022, which is up by 16% compared to £54.5 million in 2021. LBG Media said the expected revenue growth follows a ‘robust performance’ in the second half of 2022, as well as growth across both its Direct and Indirect segments.

Shares in LBG Media jumped 18% to 80.00 pence on Monday afternoon in London.

Adjusted earnings before interest, tax, depreciation, and amortisation is forecast to be around £16 million, which is down by 4.8% compared to £16.8 million the prior year. In the six months that ended June 30, 2022, LBG Media recorded a 78% decline in adjusted Ebitda to £1.6 million from £7.3 million a year before.

This follows a pretax loss of £1.9 million in the half year, compared to a pretax profit of £5.6 million the prior-year. LBG Media said this was due to a 58% rise in staff costs to £16.1 million as the company invested in its team, and a 39% rise in establishment costs to £2.6 million following spend on physical marketing events that didn’t go ahead in the prior year due to Covid-19 restrictions.

‘Given the momentum seen in the second half, and cost reduction exercise completed in November 2022, management is confident about the outlook for continued growth in 2023,’ LBG Media said.

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