LBG Media PLC said on Wednesday digital activity boosted its annual revenue and announced the appointment of Richard Jarvis as chief financial officer.
The Manchester, England-based digital media and youth content publisher said its 2022 revenue grew by 15% to £62.8 million from £54.4 million the year prior. This was driven by increased activity with new and existing clients in the UK, Australia and Ireland, LBG said.
An increase in numbers of views totalling 98.4 billion across web and social video also contributed to this increase.
Meanwhile, LBG’s pretax profit fell by 10% to £7.3 million from £8.1 million, as operating profit dropped to £7.5 million from £8.2 million.
Adjusted earnings before interest, taxes, depreciation, and amortisation fell by 6.5% to £15.7 million from £16.8 million in 2021.
Looking ahead, LGB said 2023 year to date performance has been positive amid continued momentum from the fourth quarter of 2022. The company added that it remains on track to deliver external expectations for the full year, anticipating a revenue of £69.3 million and adjusted EBITDA of £19.4 million.
Chief Executive Officer Solly Solomou said: ‘LBG is well positioned to capitalise on the fast-growing digital media market. We have a diverse range of brands catering to the hard to reach 18-34-year-old demographic, have expanded our capabilities, with our survey platform LADnation forming an increasingly key part of our offer, and we are taking advantage of the significant growth opportunity that the US market has to offer.
These results come as the company also announced on Wednesday, CFO Tim Croston will step down with immediate effect to retire later this year. Croston will be succeeded Richard Jarvis, the commercial finance director at GB Group.
Croston will remain in the company for the next few months to ’facilitate a smooth handover.‘
Chair Dave Wilson commented: ’I’m pleased to welcome Richard to the group, who I know well, having worked him with previously at GB Group PLC. I’m confident that with his skills and experience of both international growth and public markets, we will have a worthy successor to Tim.‘
Shares were 5.1% at 73.10 pence in London on Wednesday morning.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
