Manchester-based LBG Media, the AIM-listed social publisher behind LADbible and Betches, has increased its revenue expectations for its 2026 financial year, but simultaneously lowered its EBITDA expectations as it progresses with its strategy of driving more predictable revenues.
In a trading update for the six months ended 31 March 2026, the publisher said its revenue momentum was up 19 per cent to £52.4m as it accelerates its revenue mix towards a more predictable performance, with greater visibility on earnings.
During H1, its constant currency revenue grew 22 per cent – a significant increase on the prior year which had already seen healthy 10 per cent growth. A lower adjusted EBITDA of £8m was reported, however, reflecting its investment in senior leadership and sales capacity within its US and UK markets. It was also impacted by its revenue and margin mix moving towards direct revenue streams.
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The business said it did not see any recovery in its indirect revenue streams in H1 2026, with referral volumes and previously announced changes to Meta’s algorithm for Facebook continuing in line with trends experienced in H2 25, and leading to lower group margins.
The group said its increased focus on direct revenue streams is performing ahead of expectations however, and increased its FY26 revenue expectations to about £110m.
However, the latest revenue mix projected for the full year, despite the accelerating growth in direct revenue streams, has lower margins than indirect revenue streams, resulting in a projected group EBITDA of about £22m, down from the £25.4m that was previously forecast.
Chief executive Solly Solomou said: “LBG Media delivered constant currency revenue growth of 22 per cent in the first half of our financial year – a significant step-up from 10 per cent constant currency revenue growth delivered in FY25. This shows the early benefits of our strategy to accelerate investment in our growth to drive predictable revenues, as outlined at our FY25 results in February.
“The board believes this transition positions the group for a higher-quality revenue base over the medium term, with reduced reliance on Web and Facebook; increasing contribution from direct revenues in the UK, U.S. and owned IP, and selective acquisitions.”
