Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Birmingham Post
Birmingham Post
Business
Jon Robinson

Ladbible owner to make 10% of its staff redundant

The company behind online publishing brand LadBible has confirmed plans to make 10% of its staff redundant.

Manchester-headquartered LBG Media 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".

The company, whose brands also include UNILAD, SPORTbible, Tyla and GAMINGbible, also has offices in London, Dublin, Melbourne and Sydney. It has also recently opened an office in New York.

READ MORE: Click here to sign up to the BusinessLive North West newsletter

LBG Media has now launched redundancy consultations with its staff. BusinessLive understands that no final decision has been made on the number of employees that will be let go.

The group was co-founded in 2012 by chief executive Alexander (Solly) Solomou and chief operating officer Arian Kalantari while studying at university and completed a £360m float on the London Stock Exchange's AIM in December 2021.

At the time, LBG Media raised £30m for the group and £81.1m for selling shareholders with the move.

However, since the float shares have slumped from 175p to 71p today. The company's shares had seen a high of 206p in the middle of February but have been declining since the start of May.

A spokesperson for LBG Media said: "As we stated at the time of our half-year results, we have seen improving momentum in indirect revenues and direct bookings are also showing good momentum although advertisers are making decisions with shorter lead-times.

"Notwithstanding this we have made the prudent decision to reduce our cost base whilst ensuring that the business maintains its ability to take market share and grow."

In September, BusinessLive reported that LBG Media had created almost 100 jobs during the first half of its financial year but had slipped to a pre-tax loss.

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.

The group's global audience grew from 253 million to 315 million while its content views rose from 26 billion to 35.8 billion.

READ NEXT:

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.