LBG Media, the company behind LadBible is expecting to achieve revenues of £24.8m for the first half of the year.
The company has released a trading update for the period up to the end of June showing an 8% increase in income.
Direct revenue was up 11% to £10.6m, which was driven by growth across its international business, while indirect revenue grew by 4% to £13.6m. While its volume of views is up 40%, it said this had been offset by a reduced revenue-per-view due to the current economic situation.
“The Group continued to perform well both financially and operationally in the first half of the year, despite the challenging macro environment. We remain focused on producing exciting, relevant and socially responsible content to continue to engage our audience and grow our follower base,” explained CEO, Solly Solomou.
“As outlined at IPO, our growth strategy remains centred around our three core growth pillars; geographies, acquisitions and capabilities. Included within this core strategy was an ambition to establish a physical presence in the US, one of the largest social media markets in the world and a key growth market. We are excited to be in the process of establishing operations in the US, which are expected to commence trading in 2023.”
During the period it acquired Go Animals Facebook pages, with a total of 6.8m followers. This has since been rebranded as Furry Tails.
The group said that its full year performance will be “at least in line” with market expectations and following investments and the seasonality in digital advertising, its profitability is expected to be “heavily second half weighted.”
Its full half year results will be published in September.
