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Birmingham Post
Birmingham Post
Business
Jon Robinson

LadBible owner 'confident' for the future after year of revenue rises and job cuts

The owner of LadBible has said it is "confident" about its "continued growth" in 2023 after its revenue rose by over 20% during 2022.

LBG Media, which is headquartered in Manchester, said it expects its full year revenue to be approximately £63m and its adjusted EBITDA to be around £16m.

That compares to a revenue of £54.5m in 2021 and £30.2m in 2020.

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The group's brands also include UNILAD, SPORTbible, Tyla and GAMINGbible and it has offices in London, Dublin, Melbourne, New York and Sydney and it completed a £360m float on AIM in December 2021.

LBG Media added that it had experienced a "robust performance" during the second half of 2022.

A statement said: As anticipated, revenue growth has accelerated in the seasonally stronger second half and group revenue is expected to have grown by over 20% in this period vs the prior year.

"There has been growth across both direct and Indirect segments against the backdrop of a challenging economic environment.

"Given the momentum seen in H2, and cost reduction exercise completed in November 2022, management is confident about the outlook for continued growth in 2023."

The figures come after the company posted a loss of £1.9m for the six months to June 30, 2022, compared to a profit of £5.6m during the same period in 2021.

Its revenue increased from £23m to £24.8m while the average number of people employed by the company increased to 473 from 380.

However in October, BusinessLive reported that the business planned to make 10% of its staff redundant.

At the time it said it has made a "prudent decision" to cut its cost base "whilst ensuring that the business maintains its ability to take market share and grow".

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