LBG Media

LBG · AIM · Media · mcap £72m · 36.6p

LBG Media publishes social-first youth content (LADbible, UNILAD, Betches) and earns money from advertisers directly and from platform and programmatic ad revenue. It operates mainly in the UK, US and Australia and has bought US and creative-agency businesses.

Target	Promise	Said	Status
2024
31 Dec 2024	Deliver market expectations for the 12 months to 31 December 2024.	18 Sep 2024	✓ Kept
	“Given the progress in the period to date the Board is confident in delivering on market expectations for the 12 months to 31 December 2024.” How it developed 18 Sep 2024 Said “Given the progress in the period to date the Board is confident in delivering on market expectations for the 12 months to 31 December 2024.” 22 Jan 2025 ✓ Kept “Financial performance ahead of market expectations for the calendar year to December 2024” Result January 2025 results were ahead of calendar year market expectations. “Financial performance ahead of market expectations for the calendar year to December 2024”22 Jan 2025 · Final Results “External market consensus for year ending 31 December 2024: Revenue £86.3m and Adjusted EBITDA £23.4m.”22 Jan 2025 · Final Results
2025
FY25	Revenue to grow approximately 10% (10% at constant currency) in FY25.	22 Jan 2025	✓ Kept
	“the Board remains confident of delivering an increase in revenue of approximately 10% in FY25” Also stated 30 Apr 2025 · 24 Jun 2025 How it developed 22 Jan 2025 Said “expects revenue to increase by approximately 10%” 30 Apr 2025 Said “the Board remains confident of delivering an increase in revenue of approximately 10% in FY25” 24 Jun 2025 Said “the Board remains confident of delivering 10% revenue growth at constant currency” Result FY25 revenue £92.2m, up 10% at constant currency, in line with expectations. 3 Feb 2026 · Final Results
2026
FY26	Direct revenue growth in low-to-mid teens by FY26, with margins before central costs in mid-20% range.	3 Feb 2026	✗ Missed · target changed
	“anticipate Direct revenue growth to be in the low-to-mid teens range, with margins before central costs in the mid-20% range” Also stated 4 Feb 2026 How it developed 3 Feb 2026 Said “anticipate Direct revenue growth to be in the low-to-mid teens range, with margins before central costs in the mid-30% range” 4 Feb 2026 ↻ Changed / dropped “anticipate Direct revenue growth to be in the low-to-mid teens range, with margins before central costs in the mid-20% range” 4 Feb 2026 Said “anticipate Direct revenue growth to be in the low-to-mid teens range, with margins before central costs in the mid-20% range” 9 Jun 2026 ↻ Changed / dropped “On 22 April 2026, LBG Media raised revenue guidance and lowered Adjusted EBITDA guidance, to £110m and £22m respectively as a result of higher Direct growth...” Result H1 26 Direct revenue £37.6m vs £19.3m, far above the guided growth; FY26 guidance later reset with lower EBITDA. “anticipate Direct revenue growth to be in the low-to-mid teens range, with margins before central costs in the mid-20% range”4 Feb 2026 · Full year results - Correction “On 22 April 2026, LBG Media raised revenue guidance and lowered Adjusted EBITDA guidance, to £110m and £22m respectively as a result of higher Direct growth and a continued decline in Indirect revenues”9 Jun 2026 · Half-year Results
FY26	Indirect revenues to grow at a low single-digit rate with margins above 50%.	3 Feb 2026	✗ Missed
	“expected to grow at a low single-digit rate, with margins remaining above 50%” How it developed 3 Feb 2026 Said “expected to grow at a low single-digit rate, with margins remaining above 50%” 4 Feb 2026 Said “expected to grow at a low single-digit rate, with margins remaining above 50%” 9 Jun 2026 ✗ Missed “Indirect revenues declined 41% to £14.5m (1H25: £24.5m), due to previously announced changes to Meta's Facebook algorithm in line with trends outlined in...” Result H1 26 Indirect revenue fell to £14.5m from £24.5m, a decline rather than growth. “Indirect revenues declined 41% to £14.5m (1H25: £24.5m), due to previously announced changes to Meta's Facebook algorithm in line with trends outlined in 1H25, which remain challenging, as well as lower traffic from search engines due to AI Overviews.”9 Jun 2026 · Half-year Results “Adjusted EBITDA margin \| 15.4% \| 27.8% \| (12.4 ppts)”9 Jun 2026 · Half-year Results
FY26	Absolute Group EBITDA margins to remain in line with consensus.	3 Feb 2026	✗ Missed · target changed
	“We expect absolute Group EBITDA margins to remain in line with consensus reflecting higher growth in our Direct revenue streams and lower growth in our Indirect revenue streams” How it developed 3 Feb 2026 Said “We expect absolute Group EBITDA margins to remain in line with consensus reflecting higher growth in our Direct revenue streams and lower growth in our...” 9 Jun 2026 ↻ Changed / dropped “the Board now expects FY26 revenue of £100m to £107m and Adjusted EBITDA in a range of £15m to £20m.” Result FY26 EBITDA guidance cut to £15-20m in June 2026 after c.£22m in April. “the Board now expects FY26 revenue of £100m to £107m and Adjusted EBITDA in a range of £15m to £20m.”9 Jun 2026 · Half-year Results
FY26	FY26 revenue c.£110m and EBITDA c.£22m, later revised to revenue £100-107m and EBITDA £15-20m.	22 Apr 2026	✗ Missed · target changed
	“the Board now expects FY26 revenue of £100m to £107m and Adjusted EBITDA in a range of £15m to £20m.” Also stated 9 Jun 2026 How it developed 22 Apr 2026 Said “the Board is increasing its FY26 revenue expectations to c.£110m” 9 Jun 2026 ↻ Changed / dropped “the Board now expects FY26 revenue of £100m to £107m and Adjusted EBITDA in a range of £15m to £20m” 9 Jun 2026 Said “the Board now expects FY26 revenue of £100m to £107m and Adjusted EBITDA in a range of £15m to £20m.” Result June 2026 guidance cut both revenue and EBITDA below April levels; H1 EBITDA was £8.0m. “the Board now expects FY26 revenue of £100m to £107m and Adjusted EBITDA in a range of £15m to £20m”9 Jun 2026 · Half-year Results
Today · 20 Oct 2026
2026	Betches to meet revenue and profitability targets to 2026 triggering up to $30m of earn-out payments.	18 Oct 2023	… In progress
	“up to a further $30 million cash consideration payable in instalments, subject to Betches achieving certain revenue and profitability targets to 2026” Status so far Not yet due.
31 Dec 2026	Uncovered to deliver at least 50% revenue growth in calendar 2026.	19 Jun 2026	… In progress
	“Uncovered is expected to deliver revenue growth of at least 50% in the calendar year to 31 December 2026” Status so far Not yet due.