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(Sharecast News) - Digital publisher LBG Media said in its full-year results on Wednesday that, despite a challenging economic environment, it ended 2022 with a strong performance, significant growth in its global audience and content views, and continued expansion of brand partnerships.
The AIM-traded company said group revenue increased 15% to £62.8m, boosted by a robust performance in the second half of the year.
Direct revenue reached £27.8m, up 17% year-on-year, driven by a strong performance in both the UK and international markets.
Meanwhile, indirect revenue stood at £33.6m, up 13% over the prior year, with a relatively stronger second-half performance.
The firm's adjusted EBITDA was £15.7m, including a strong second-half performance of £14.1m, up 48% year-on-year, as a result of revenue growth and swift action to restructure the staff cost base in recognition of the tough macroeconomic environment impacting advertising spend.
LBG's cash and cash equivalents stood at £29.3m, down £5m from the previous year, due to a number of factors including the weighting of revenue in the fourth quarter, the cash impact of adjusting items, the payment of deferred Australian tax, and investing activities, among others.
However, the company's cash and cash equivalents as at 11 April totalled £33.6m.
Looking ahead, LBG Media said it remained focussed on three strategic pillars for growth, including geographic expansion, acquisitions, and the expansion of capabilities.
The company's year-to-date performance in 2023 had been positive, continuing the strong momentum seen in the fourth quarter of 2022, with the board saying it remained on track to deliver external expectations for the full year.
Additionally, chief financial officer Tim Croston had notified the board of his intention to retire later in the year.
He would, however, remain in the business for "a few months" to facilitate a smooth handover to his successor, Richard Jarvis, who joined the company from GB Group, where he was group commercial finance director.
Jarvis brought "significant" international growth and acquisition experience, the board said, and guided GB Group on performance, commercial opportunities, and risks.
He joined the LBG Group on 11 April.
"We have made continued financial and operational progress in 2022," said chief executive officer Solly Solomou.
"The second half was particularly strong, delivered amid a challenging backdrop, with both our core revenue streams demonstrating the resilient nature of our business.
"LBG is well positioned to capitalise on the fast-growing digital media market."
Solomou said the firm had a diverse range of brands catering to the hard-to-reach 18-34 year-old demographic, and had expanded its capabilities, with its survey platform 'LADnation' forming an increasingly key part of its offer, while it was also taking advantage of the "significant" growth opportunity offered by the US market.
"We ended 2022 with a great deal of positive momentum, as evidenced by our record direct revenue performance for the fourth quarter, and with this momentum continuing into 2023 I am excited by what lies ahead for the business."
At 1005 BST, shares in LBG Media were down 1.3% at 76p.
Reporting by Josh White for Sharecast.com.
