By LBG Media, a leading London-listed digital media publisher, announced on Wednesday that its revenue for the first half of 2023 had experienced significant growth. The company’s board also confirmed that their outlook for the remainder of the year aligns with market expectations. Additionally, Chief Operating Officer Arian Kalantari has resigned effective immediately.
According to LBG Media, their revenue for the first six months of 2023 is projected to reach £27.2 million ($35.1 million). This represents a substantial increase compared to the £24.8 million generated in the same period last year.
The company’s direct revenue showed promising growth, rising by approximately 9% to £11.5 million. This boost can be attributed to the success of their various campaigns. LBG Media also highlighted that booking levels visibility for the second half of the year has improved compared to the previous year.
Furthermore, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to reach about £3 million, a significant improvement from the £1.6 million reported in the same period in 2022. Adjusted EBITDA excludes exceptional and one-off items.
Market consensus anticipates LBG Media’s revenue for the full year to reach £69.3 million, with adjusted EBITDA expected at £19.4 million.
Regarding Arian Kalantari’s departure as Chief Operating Officer, LBG Media stated that his responsibilities have been distributed among his colleagues, who will permanently assume them. Kalantari had been on sabbatical since the beginning of the year to spend more time with his family and subsequently decided not to return to the company.
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