Shares in LADbible parent LBG Media were down around five per cent this morning after the viral publisher posted mixed results for the 2023 financial year, with Australian performance a particular disappointment.
The publisher said it expects to report revenues of £67m for the 2023 financial year, up 6.6% on last year, as it has “further deepened its market leadership position.”
Adjusted EBITDA is expected to have grown by “at least” eight percent to £17m or above over the same period, though the publisher this would have been closer to 30% without “a reduction in the year-on-year profit contribution from Australia.”
Manchester-based LADbible now has over 440m followers, up from 410m at the half-year stage, while October’s acquisition of women’s media brand Betches Media for $24m is expected to help the company carve out a position in the US market.
UK and Ireland businesses are performing “well,” with high conversion rates and a “significant” roster of new and growing clients, the company said.
In Australia, however, there was a £3m reduction in profitability during the year, and LBG is making a number of changes to its operating model from next year, combining the centralisation of social and web operations into its UK operations at what it said will be “a more efficient cost base for the indirect revenues and for direct revenues.”
UK and Ireland businesses have continued to perform well this year, the company said, adding: “The board remains confident in the growth outlook for 2024, supported by the progression of our US ambitions with Betches Media, realising the benefits of our new operating model in Australia as well as the opportunities represented by key advertising moments such as Euro 2024 and the Olympics.”