Source - Alliance News

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.

Copyright 2022 Alliance News Ltd. All Rights Reserved.

Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Lbg Media PLC (LBG)

+0.75p (+0.80%)
delayed 15:35PM