Key Financials
Half-year results for the six months ended 31 March 2026
Adjusted Group Revenue1 (£)
£52.4m
+22%
Adjusted EBITDA (£)
£8m
(34%)
Profit before tax (£)
£1.8m
(79%)
Cash (£)
£28.4m
(14%)
1Constant currency adjustments are applied to remove the impact of foreign exchange movements between periods, using the same USD exchange rates as the prior period for U.S. and Facebook income. This measure is used to provide a like-for-like comparison of underlying Group revenue performance year on year..
Download
HY26 Results
Statement
PDF
format
Financial Highlights
| £m | 1H26 | 1H25 | Growth (%) |
| Adjusted Group Revenue1 | 53.6 | 43.9 | 22% |
| Revenue | |||
|
20.6 | 12.5 | 64% |
|
16.1 | 6.4 | 154% |
|
0.9 | 0.4 | 107% |
| Total Direct | 37.6 | 19.3 | 95% |
|
8.0 | 14.3 | (44%) |
|
6.5 | 10.2 | (36%) |
| Total Indirect | 14.5 | 24.5 | (41%) |
|
0.3 | 0.1 | 23% |
| Total Group Revenue | 52.4 | 43.9 | 19% |
| Adjusted EBITDA4 | 8.0 | 12.2 | (34%) |
| Adjusted EBITDA margin | 15.4% | 27.8% | (12.4 ppts) |
| Profit before tax | 1.8 | 8.6 | (79%) |
| Cash and cash equivalents | 28.4 | 32.9 | (14%) |
Current trading and outlook
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.
While Direct continues to see a healthy pipeline and improving deal margins, the trends in Indirect have not stabilised as quickly as anticipated. As a result, the Board now expects FY26 revenue of £100m to £107m and Adjusted EBITDA in a range of £15m to £20m.
The revised guidance reflects an anticipated further decline in Web and Social revenues within the Indirect revenue stream, which has reduced visibility as part of a long-term structural shift away from websites towards social platforms and video content, and the continued impact of changes to the Facebook algorithm. A number of mitigating actions have been taken across the Indirect business, including cost controls, new leadership and improvements to our processes and data-driven approach, including innovation with AI. We are starting to see the benefits of these changes. However, the low end of the EBITDA range cited above reflects a continuation of the current monthly trend.
In the medium to long term, we continue to expect our higher visibility, higher growth Direct revenue streams to make up the largest share of Group revenues.
Notes
1. Constant currency adjustments are applied to remove the impact of foreign exchange movements between periods, using the same USD exchange rates as the prior period for U.S. and Facebook income. This measure is used to provide a like-for-like comparison of underlying Group revenue performance year on year.
2. Direct revenues: content for brands and media agencies to reach our audience of young adults
3. Indirect revenues: revenue-sharing agreements with social media platforms that display adverts near our content and owned websites
4. Adjusted EBITDA - earnings before interest, tax, depreciation, and amortisation adjusted for share-based payment charge, fair value movements in contingent consideration and adjusting items. Adjusted EBITDA margin is adjusted EBITDA divided by Group Revenue represented as a percentage.
5. Audience numbers reflect social followers, unique podcast listeners and average monthly website users in the 12 months to 31 March 2026. The percentage growth indicates the change compared to the corresponding period in the previous year.