News

FY25 revenue and profit in line with market expectations Double-digit revenue growth and continued EBITDA growth Accelerating investment in our growth to drive predictable revenues

LBG Media, whose purpose is to entertain and delight young adults making them laugh, think and act, announces full-year results for the twelve months ended 30 September 2025 (“FY25” or “the period”). All figures relate to the period, unless otherwise stated.

Strong performance

• Strong performance for Direct revenues (content for brands and media agencies to reach young adults): revenues up 13% overall, including growth in Direct U.S. (+29%) and Direct UK (+11%).
• Stabilisation of Indirect revenues (revenue-sharing agreements with social media platforms that display adverts near our content and owned websites): revenues up 1%, with growth on social platforms ("Social") offsetting lower revenues from our websites ("Web"), as previously indicated.
• Building on our longstanding use of generative AI with investment in emerging technology to drive further opportunities for productivity gains and client engagement.
• Strengthening the leadership team and culture: building our leadership team across LBG Media, with senior hires in the UK and U.S., to support the next phase of LBG Media’s growth.
• Repeat client revenue of 82% in FY25 in the Direct UK market (FY24: 78%)
• Unparalleled engagement and reach for our culturally relevant and commercially effective content: global audience up to 509m (FY24: 503m).¹

Financial Highlights

* Figures are based on unaudited pro forma numbers for the year ended 30 September 2024.
** Adjusted for the impact of ANZ and currency adjustments

• FY25 revenue and profit in line with market expectations, as previously announced.
• Double-digit revenue growth and continued profit growth: revenue of £92.2m (FY24 £86.2m), up 10% at constant currency3, and adjusted EBITDA £25.2m (FY24 £24.5m)4, up 3%. In the UK, this was against a tough prior-year comparator, as previously announced, with the men's football European Championships generating approximately £3.5m of revenue in FY24 and higher national insurance for UK employees adding additional cost.
• Strong cash performance: cash and cash equivalents at 30 September 2025 of £30.8m, compared to £27.2m at 30 September 2024, with cash conversion of 93%5. This includes a $5.5m earnout payment made in May 2025 to Betches. The Group has no debt.
• Revenue reporting: to provide greater transparency on our growth strategy and progress, we are disclosing additional revenue information. Revenue is now presented across our four core revenue markets: Direct UK, Direct U.S., Indirect Web and Indirect Social.

Accelerating investment in growth

• We want to capitalise on the immediate opportunity in our U.S. and UK Direct markets by accelerating our investment in areas such as senior leadership capability and sales teams. Indirect revenues will remain central to our business model and a critical component of why advertisers, major brands and celebrities partner with us - to tap into our scale, brand recognition and content relevance.
• As a result and as our revenue mix continues to evolve, we expect our higher growth Direct revenue streams to make up an increasing proportion of Group revenue (expected to exceed 50% of Group revenues and potentially reaching 70%), and anticipate Direct revenue growth to be in the low-to-mid teens range, with margins before central costs in the mid-30% range. Our Indirect revenues will remain an important part of our flywheel as we look to win market share on premium social platforms and are expected to grow at a low single-digit rate, with margins remaining above 50%.
• We anticipate this evolution in our revenue mix to make our performance more predictable, with greater visibility on earnings because of the improved pipeline and visibility in our Direct revenue streams.
• We expect absolute Group EBITDA margins to remain in line with consensus reflecting higher growth in our Direct revenue streams and lower growth in our Indirect revenue streams. Over time we expect margin improvements as we benefit from operational leverage and higher-value IP is monetised across multiple channels.

Current trading and outlook

• FY26 outlook: we are seeing increasing client engagement levels and a strong pipeline for FY26 in our UK and U.S. Direct markets. The Board remains confident of the growth outlook for FY26, reflecting LBG Media's appeal to young adults through relevant and engaging content on premium digital platforms. Global blue-chip brands are attracted to our model, which is driving a healthy pipeline for global brands in the U.S. and the UK. Our net cash position and cash generation supports selective acquisitions where we see a compelling strategic fit.
• As outlined in detail above, we expect an acceleration of our investment in the opportunity within our Direct revenue streams to evolve the revenue and margin of our business to support more predictable performance with greater visibility on earnings.

CEO, Solly Solomou commented:
"2025 was an important step forward for us as we build a scalable, compounding model that drives predictable revenue growth. This is centred around our market leadership with young adults, AI and data advantage, repeatable IP and our U.S. platform. We have made excellent progress in the U.S., the world’s largest advertising market which is a multiplier for our growth. We now have 3 clients in the U.S. exceeding $1m revenues with a healthy pipeline of near-term opportunities.
We are accelerating our investment to make the most of our healthy pipeline and the opportunity from major brands who are looking to our scale, content and appeal to reach young adults. Our strong cash generation supports this investment and also selective add-on acquisitions where we see a compelling strategic fit. Our positive momentum in our Direct revenue streams, progress in the U.S., strong pipeline and audience engagement support the Board's confidence of further progress in FY26."

Analyst Presentation
LBG Media will host a hybrid virtual and in-person analyst briefing at 9.30am UK time, on 3 February 2026. To join the briefing virtually, please use the following webcast link: https://lbgmedia.co.uk/results-reports-presentations/2025-final-results-webcast.asp
A recording of the presentation will also be available on the LBG Media website at https://lbgmedia.co.uk/results-reports-presentations/results-and-presentations.asp following the event. 

Notes
Notes

1.  By 2030, Gen Z is projected to be the wealthiest generation in every region of the world (Source: GroupM. ‘This Year, Next Year’, 2024 Global end-of-year forecast, WARC, global ad spend outlook 2024/5; NIQ, a report on Gen Z spending power]).
2.  Audience numbers reflect social followers, unique podcast listeners and average monthly website users in the 12 months to 30 September 2025. The percentage growth indicates the change compared to the corresponding period in the previous year.
3. Revenue of £92.2m (FY24 £86.2m), up 10% at constant currency, includes an adjustment for ANZ.  On 8 November 2023, the Group announced changes to the Group's operating model within ANZ, appointing a third-party partner (Val Morgan Digital) to perform commercial operations in the region. Adjusted Group Revenue represents statutory Group revenue adjusted to present revenue on a constant currency basis and exclude Direct ANZ revenue. 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.
4. Adjusted EBITDA - earnings before interest, tax, depreciation, and amortisation adjusted for share-based payments (including employers NIC as appropriate) and adjusting items. Adjusted EBITDA margin is adjusted EBITDA divided by Group Revenue represented as a percentage.
5. Cash conversion is calculated as operating cash flow divided by adjusted EBITDA.
6. LBG Media’s ‘flywheel’ is taken to mean a virtuous circle, based on the following factors: increasing scale among the young adult audience, combined with LBG Media’s culturally relevant content and brands (such as LADbible and Betches), in turn supporting greater client demand and attractiveness to celebrities. This ‘flywheel’ is supported by proprietary content creation tools and AI technology.

For further information, please contact:

LBG Media plc Solly Solomou, Co-founder & CEO Dave Wilson, Executive Chair	investors@ladbiblegroup.com
Zeus (Nominated Adviser & Broker) Dan Bate / Kieran Russell (Investment Banking) Benjamin Robertson (Equity Capital Markets)	Tel: +44 (0) 161 831 1512 www.zeuscapital.co.uk
Peel Hunt LLP (Joint Broker) Neil Patel / Benjamin Cryer / Alice Lane / Kate Bannatyne	Tel: +44 (0) 207 418 8990 www.peelhunt.com
For enquiries FTI Consulting LLP Jamie Ricketts / Kwaku Aning / Jemima Gurney	lbgmedia@fticonsulting.com

 

Notes to editors

LBG Media entertains and delights young adults, making them laugh, think and act. We do this by producing and distributing digital content such as videos, editorial, images and audio through our brands, such as LADbible, UNILAD, Betches and SPORTbible, which are dedicated to distinct popular interests.
We help brands reach young adults on social media platforms, such as Facebook, Instagram, Snapchat, X, YouTube and TikTok and our owned and operated websites.
Engagement is at the heart of what we do – which comes through in our two main revenue streams:

• We create bespoke content for blue-chip advertisers that gives them access to a young adult audience that is hard to reach for traditional media players. This is distributed across social media platforms and our owned and operated websites. We call this ‘Direct’ revenue.
• Third parties – such as social media platforms – generate revenue by placing advertising next to our content. We call this ‘Indirect’ revenue, and the revenue is shared between the publisher, which is us, and the social media platform.

LBG Media is listed on the AIM market of the London Stock Exchange (AIM: LBG).

 

CHAIR'S STATEMENT

On behalf of the board, I want to extend my thanks to every member of the LBG team. Our progress in FY25 would not have been possible without the great ideas, hard work and commitment of our team. I would also like to thank the brands we partner with, our global audience and our shareholders for their continued support and trust.

We delivered a strong financial performance in FY25, in line with market expectations, with revenues up 10% at constant currency (12m v PF12m), continuing profit growth and strong cash performance. On a statutory basis, LBG Media increased revenues by 42% (12m v 9m) and adjusted EBITDA by 49% (12m v 9m).

Our progress

We made significant progress in FY25, focusing on our three key growth lenses: Direct, Indirect, and U.S. expansion. Our performance in the U.S., the world’s largest advertising market, was particularly strong, driven by increasing demand from leading global brands.

Direct revenue, where we provide content marketing services to blue-chip brands and media agencies to reach young adults, grew strongly. Direct revenue was up 13% (12m v PF12m), including double-digit growth in both the U.S. and UK. This demonstrates increasing demand for our specialised content and campaigns that connect brands with our engaged young adult audience.

We also saw significant progress in the U.S., where we now have 3 clients exceeding $1m (FY24: 1 client) with a healthy pipeline of near-term opportunities. Partnerships with global brands including Dunkin’ and PepsiCo illustrate increasing demand to access our vast audience and capabilities in the largest advertising market globally, the U.S. Our positive momentum has continued in the three months from October to December 2025, providing a solid foundation for FY26.

This year, we were delighted to launch Betches in the UK, an important step in expanding our portfolio of community-driven brands. Alongside its UK launch, Betches also introduced Betches Sport and Betches Style. These extensions have helped contribute towards doubling the size of the business since acquisition and have supported our continued expansion in the U.S.

Indirect revenue, where we share revenues with platforms and partners that place adverts next to our content on social media and programmatically across our owned and operated websites, grew 1% (12m v PF12m). As previously announced, a strong performance on social platforms offset lower revenues from our websites.

Board changes

In May, we were pleased to welcome Harry Stebbings to the Board as a Non-Executive Director. Harry brings outstanding expertise as an investor and media entrepreneur, having founded Twenty VC and The Twenty Minute VC, the world’s largest media platform in venture capital. His deep knowledge of technology, innovation and digital engagement, combined with a global network and proven track record in supporting high-growth businesses, will be valuable to us as we pursue our strategic ambitions.

We announced on 6 January 2025 that Richard Flint had stepped down as Non-Executive Director of the Company, effective 31 December 2024. Richard decided to step down due to the growing time commitments from his other chair roles and projects. The Board appreciates his significant contributions to the Company throughout his tenure. His insights and guidance have been extremely valuable, and we wish him all the best in his new role.

Richard Jarvis stepped down as CFO on 13 February 2025, while I moved into an Executive Chair role on 22 January 2025, with a particular focus on supporting the finance, legal and investor relations teams. The Board would like to thank Richard for his contributions during his tenure and we wish him all the best in the future. We are in the process of identifying an experienced CFO who will join the Company as soon as practicably possible. Prior to the appointment of the CFO, I will continue to fulfil my responsibilities as Executive Chair, providing strong oversight of our finance and legal functions and ensuring the stability and governance needed to support our growth as we focus on delivering our strategy.

Accelerating investment in growth

We want to capitalise on the immediate opportunity in our U.S. and UK Direct markets by accelerating our investment in areas such as senior leadership capability and sales teams. Indirect revenues will remain central to our business model and a critical component of why advertisers, major brands and celebrities partner with us - to tap into our scale, brand recognition and content relevance.

As a result and as our revenue mix continues to evolve, we expect our higher growth Direct revenue streams to make up an increasing proportion of Group revenue (expected to exceed 50% of Group revenues and potentially reaching 70%), and anticipate Direct revenue growth to be in the low-to-mid teens range, with margins before central costs in the mid-30% range. Our Indirect revenues will remain an important part of our flywheel as we look to win market share on premium social platforms and are expected to grow at a low single-digit rate, with margins remaining above 50%.

We anticipate this evolution in our revenue mix to make our performance more predictable, with greater visibility on earnings because of the improved pipeline and visibility in our Direct revenue streams.

We expect absolute Group EBITDA margins to remain in line with consensus reflecting higher growth in our Direct revenue streams and lower growth in our Indirect revenue streams. Over time we expect margin improvements as we benefit from operational leverage and higher-value IP is monetised across multiple channels.

Outlook

We are seeing increasing client engagement levels and a strong pipeline for FY26 in our UK and U.S. Direct markets. The Board remains confident of the growth outlook for FY26, reflecting LBG Media’s appeal to young adults through relevant and engaging content on premium digital platforms. Global blue-chip brands are attracted to our model, which is driving a healthy pipeline for global brands in the U.S. and the UK. Our net cash position and cash generation supports selective acquisitions where we see a compelling strategic fit.

As outlined in detail above, we expect an acceleration of our investment in the opportunity within our Direct revenue stream to evolve the revenue and margin of our business to support more predictable performance with greater visibility on earnings.

Dave Wilson
Chair
2 February 2026

 

CHIEF EXECUTIVE OFFICER’S REVIEW

Entertaining and delighting young adults

LBG Media’s purpose is to entertain and delight young adults making them laugh, think and act.  We do this through our attractive customer proposition, centred around content that entertains, provokes thought and drives action.

We are powered and energised by our mission; to empower young adults by creating communities where they can laugh, think, and act. We have a relentless focus on sharing, creating and curating content that delights our audience. This approach has helped us reach an audience of 509m people worldwide and positioned us at the forefront of two major trends: the rise of digital advertising and the growing purchasing power of Millennials and Gen Z.

Today, LBG Media is the UK’s fifth largest social and digital business by reach. We have a growing presence and strong momentum in the U.S., the world’s largest advertising market.

We have a proven model that is shaped by our audience, the strength of our brands, our appeal to blue-chip brands and celebrities, and the cultural relevance of our content. Blue-chip, global companies and celebrities are drawn to our ability to reach the young adult demographic through LBG Media’s diverse portfolio of brands, each dedicated to a specific popular interest.

We collaborate with blue-chip brands and social media platforms to generate revenue through two main channels. First, our content serves as a means for blue-chip brands and media agencies to reach young adults online, known as ‘Direct’ revenue. Second, we have revenue-sharing agreements with social media platforms that display ads near our content and owned websites, referred to as ‘Indirect’ revenue.

Accelerating our growth strategy

We have invested in senior leadership capability as part of accelerating our investment in growth, to capture the long-term structural opportunity in our U.S. and UK Direct markets. We expect this evolution will make us a more predictable business, with greater visibility of revenues and earnings.

In the U.S. we have made several high-profile appointments to bolster our growth, including Bill Mulvihill as Executive Vice President, Partnerships (formerly of Conde Nast, The Atlantic, Vanity Fair); Paul Josephsen as COO (formerly of Consumable, Warner, and Group Nine); Maggie Milnamow as CCO (formerly of Axel Springer, Business Insider, and The New York Times); and Lauren Gibbons as SVP of Partnerships (formerly of Condé Nast and BDG). These appointments enhance local execution and provide a scalable leadership platform to capture demand in the substantial and attractive U.S. advertising market. These senior appointments come alongside several high-calibre sales hires.

To address the demand from blue-chip brands wanting to connect with young adults, we have honed our focus on our Direct revenue streams, aiming to expand and strengthen our relationships with existing clients, supported by a strong pipeline. In the U.S., this reflects a large and attractive market where we have a differentiated position, a healthy pipeline of new customers, positive growth indicators and confirmatory customer feedback.

Indirect revenues will remain central to our business model and a critical component of why advertisers, major brands and celebrities partner with us — to tap into our scale, brand recognition and content relevance. Social media platforms and age demographics are evolving. Our Millennial and Gen Z target audience is projected to be the wealthiest generation worldwide by 2030. This is a key reason why we will continue to invest in Indirect as we continue to engage with key audience groups, while adapting to social media platform changes and shifting our strategy to reflect changing audience behaviour and monetisation trends.

As digital consumption continues to grow across Millennials, Gen Z and the emerging Gen A cohort, the business is well positioned to engage these audiences at scale through content and formats that remain culturally relevant and commercially effective. Our ability to reach and influence hard-to-access audiences across premium digital platforms remains a clear differentiator versus our peers.

Tightening our flywheel

In FY25 we have begun tightening the LBG Media flywheel to bolster our market leadership for young adults with a focus on five areas:

1. Rebuilding our engine around AI and first-party data;
2. Capitalising on the U.S. as a multiplier for LBG Media − by replicating the UK model in the largest advertising market globally;
3. Applying our content, insight and monetisation engine to creators;
4. Building repeatable IP; and
5. Accelerating predictable, scalable revenues through Direct relationships.

Driving predictable revenues

We are making good early progress with our shift towards a more predictable revenue mix. This is centred around five key themes:

1. Ongoing transition to Direct revenue and owned client relationships;
2. Focus on a defined group of top-tier clients with CMO-level relationships;
3. Growth of multi-year sponsorship and IP-led revenue;
4. Investment in high margin proprietary products; and
5. Measurement and data creating stickiness and repeat spend.

An exciting and expanding market

LBG Media is a dominant player in the fastest-growing segments of the digital advertising market. LBG Media’s serviceable addressable market is large and growing, estimated to be £1.5bn. The market is expected to grow at approximately 8.6% from 2025-2027, driven by a range of factors including momentum in retail media and pureplay digital platforms.

We see five structural trends which support long-term growth and which we are tapping into:

1. Young adult attention consolidating around a small number of global social platforms. This spans well-known platforms such as YouTube and streaming providers.
2. Ongoing shift from traditional media to social media and creator-led formats. More than 70% of marketing budgets are digital, compared to around 50% five years ago.
3. AI is accelerating winners through speed, relevance and efficiency. We are addressing this through our AI tools to improve engagement, monetisation and client outcomes.
4. Rising Millennial and ‘Gen Z’ buying power. Millennials and especially Gen Z, who make up our target audience of young adults born between 1997 and 2012, are projected to be the wealthiest generation worldwide by 2030. Gen Z is digitally native, with 94% of that age group using social media, and they account for 17% of global expenditure. We continue to invest in reaching our Millennial and Gen Z audiences who consume content across our brand portfolio on social platforms and our owned platforms. Our strong engagement with these groups is the main reason why global brands and celebrities choose to partner with LBG Media. In addition, our proven capacity to develop and produce compelling content with our proprietary tools positions us to connect with and engage these audiences through our intellectual property, fostering brand loyalty and authentic resonance with young adults. We have consistently shown this by generating tens of billions of views and by engaging with and growing our target audience.
5. U.S. market presents our largest and most scalable opportunity. Social media advertising spend is expected to increase by 15.6% to $125bn in 2026, according to EMARKETER’s forecasts.
1 - Sources: CIL research, WARC, Global Ad Spend Outlook 2024/25 & NIQ, A Report on Gen Z Spending Power, EMARKETERs.

Strategic progress

LBG Media enjoyed positive momentum through FY25, with double-digit revenue growth. We have excellent momentum in the U.S., a strategically important market for LBG Media that is significantly larger than the UK, supported by a strong pipeline.

Our strategic progress reflects strong demand from blue-chip brands for LBG Media’s content and reach with young adults. Additionally, our distribution model utilises scale across social platforms and owned websites to reach and engage hundreds of millions of young people, supported by diverse revenue streams and real-time data insights that enable effective targeting and measurable advertiser outcomes. This combination of extensive reach, targeted engagement, and insights sets LBG’s distribution apart as best-in-class in the digital media landscape. Our global audience has grown to 509m, up from 503m in September 2024.

Direct (54% FY25 revenues)

Direct revenue is generated when we provide content marketing services to blue-chip brands and media agencies, with direct engagement with the advertiser.

Direct grew 13% (12m v PF12m) in FY25, including double-digit growth in the U.S. and UK. In the UK this was against a tough prior-year comparator, as previously indicated, with the men’s football European Championships generating approximately £3.5m of revenue in FY24.

Direct U.S.

Our impact in the world’s largest advertising market in a short period of time is testament to the strength of our value proposition to our customers.

Our clients include leading and global blue-chip brands such as Netflix, Dunkin’ Donuts, Boston Beer, PepsiCo and NYX Cosmetics.

We continue to see a particularly strong performance in the U.S. As proof of our momentum, we now have 3 clients with annual revenues of more than $1m (FY24: 1). LBG Media continues to deepen and build more strategic partnerships with major brands and blue-chip advertisers.

In the U.S., we continue to see positive momentum with large brands and blue-chip advertisers. Our U.S. audience grew to 143m (FY24: 141m).

The combination of LBG Media and Betches provides strong relationships with advertisers and agencies, unmatched data and insights, and a highly talented creative team. We now offer brands and agencies a “One Stop Shop” in the U.S., delivering integrated access to a highly engaged Gen Z and Millennial audience across various platforms.

As previously announced, Betches met its revenue target for 2024, triggering a $5.5m earnout, which was paid in May 2025.

Direct UK

In the UK, we now have 11 clients delivering more than $1m in annual revenue. In July 2025, we launched Betches UK, bringing Betches’ distinctive voice to British audiences across TikTok and Instagram, while expanding on the brand’s status as a leading driver of cultural conversation on social media in the U.S. Bringing Betches to the UK reflects our ambition as an entertainment powerhouse to grow distinctive, community-led brands with global relevance in an authentic way.

82% of our Direct revenue is on a repeat basis (FY24: 78%), underlining the resilience of our model. Our brief conversion rate was 28% (FY24: 29%).

Indirect (45% FY25 revenues)

Indirect is where we generate revenue on social platforms (‘Social’) and from our owned and operated websites (‘Web’).

As previously announced, we had a strong performance on social platforms (‘Social’) offsetting a decline in revenues from our websites (‘Web’), due to weaker referral volumes and a tough prior-year comparator.

Within our Social revenue stream, we continue to grow and scale our audience in terms of size and engagement. Our total audience has grown to 509m, a 1% increase compared to the same period last year (FY24: 503m), with the majority of this growth driven by the U.S.

Within our Web revenue stream, management actions - including strengthening the team and structure - are expected to support a recovery in the Web business and bring extensive sector expertise and proven delivery. This includes three senior appointments in our Web business: Nat Evans (Managing Director, Web and Betches UK), Jo-Anne Rowley (Director of Editorial) and Mark Holmes (Head of Sport and Gaming).

The evolution of editorial content to incorporate AI

One of LBG Media’s differentiators is our AI and data advantage. We are building on our longstanding use of generative AI with investment in emerging technology to drive further opportunities for productivity gains and client engagement. Our early traction is good and shows the impact of AI to improve engagement, monetisation and client outcomes.

Editorial content is evolving to include AI-generated content with human-made material, sometimes separately and sometimes seamlessly integrated. The value of human-created content is not in doubt and will rise significantly in this next chapter for content. This is compatible with the growing use of AI-generated content.

We continue to invest in innovation across our content and tools to continually improve our output and maintain high levels of engagement. This includes Mission Control, our proprietary data platform tracking content performance across web and social in real time, and EMMA (Editing Media Management Assignment), our AI-enabled virtual traffic manager, which streamlines workflows and saves over 4,000 hours annually.

Over the past year, we have also established an internal AI Steering Group to identify and scale high-impact use cases across the business. Key initiatives include LAD RADAR, a real-time engine for identifying emerging cultural trends on social media; ARNOLD, an AI video tool that reduces manual spell-checking from 69 days to 29 hours; and The Brief Unpacker, which helps Sales and Strategy teams turn raw client briefs into clearer creative opportunities.

In addition, we have built an internal AI-powered company information system integrating LADbible Group’s core knowledge platforms, alongside an in-house AI subtitling tool for our original content that removes the need for a third-party provider.

LBG Media is well-positioned to capitalise on this shift, given our strong position with the young adult audience and the depth of our distribution channels. This gives us a tangible market advantage as we see an increase in AI-generated content.
LBG Media has a clear direction of travel on AI and uses AI-generated material as part of its editorial content. As an OpenAI enterprise customer, we are already exploring how AI can drive efficiency, innovation, and creativity, including tools that generate video from scripts and emerging breakthroughs in dubbing, lip-syncing, and multilingual translation.

LBG Media operates one of the most engaging, socially native entertainment platforms for young adults, powered by AI-enabled insights and scalable, repeatable IP that supports predictable revenue. This model reduces exposure to platform and AI disruption and positions the Group to capture an increasing share in a growing market.

Platform for scaling

LBG Media has a scalable model that supports long-term, sustainable growth. The strength of our leadership team, positive market dynamics and purpose-led culture support the next phase of LBG Media’s growth.

As a growing, cash-generative business, we will continue to assess acquisition opportunities that support the long-term expansion of our audience engagement and reach. We have a healthy acquisition pipeline and a strong balance sheet and cashflow to support acquisitions that fit our long-term strategy.

In the period, we have made several high-calibre hires which have significantly strengthened our senior leadership bench. As previously announced:

• Victoria Bickle has joined as Managing Director of Client Solutions, bringing a wealth of experience in commercial strategy.
• Nick Speakman, formerly Head of Social at Manchester United, is now our Director of Social, helping to drive audience growth and engagement.
• Simon Champion has come on board as Chief Business Officer. Simon was previously CEO at Boxpark and brings deep expertise in scaling innovative businesses.
• Trudi Sunderland is our new Human Resources Director.

As part of our accelerated investment in growth, we continue to make targeted senior hires to strengthen the organisation and support future growth. During this period, we have invested in our U.S. ($3.5m) and Web (£0.6m) businesses:

• The U.S. remains a key growth market and a major strategic focus, and we have increased management bandwidth and bench strength through several high-profile appointments, alongside several high-calibre sales hires. We are pleased to welcome Bill Mulvihill as Executive Vice President, Partnerships formerly of Conde Nast, The Atlantic, Vanity Fair; Paul Josephsen as COO, formerly of Consumable, Warner, and Group Nine; Maggie Milnamow as CCO, previously at Axel Springer, Business Insider, and The New York Times; and Lauren Gibbons as SVP of Partnerships, formerly of Condé Nast and BDG. These appointments enhance local execution and provide a scalable leadership platform to capture demand in the substantial and attractive U.S. advertising market.
• We have also made significant investments in our Web business with three senior appointments: Nat Evans joined us as Managing Director, Web and Betches UK; Jo-Anne Rowley as Director of Editorial; and Mark Holmes as Head of Sport and Gaming, each bringing extensive sector expertise and proven delivery.

We believe that each of these strategic investments position the Group to increase market share, promote sustainable growth, and continue to entertain and delight young adults, making them laugh, think and act.

Purpose-driven work and awards

LBG Media has a purpose-driven culture.

In November 2025, we launched LADbible Youth Census 2025 – the most extensive study of its kind, surveying over 6,500 Gen Zs and 1,800 Millennials across the UK. The study offered an insight into and the most comprehensive snapshot of what defines Britain’s digital-first generation.

Our new campaign, ‘For F*cks Sake,’ (‘FFS’) was launched to break the silence around porn and promote honest, responsible conversations about sex. Collaborating with Fumble, Movember, and Jordan Stephens, this multi-platform initiative seeks to bridge the gap between pornography and real life—the disparity between actual sex experiences and online portrayals.

As an example of our culture in practice, LBG Media partnered with the Royal National Institute of Blind People (‘RNIB’) for the Blind Hijackers campaign, to tackle misconceptions about blindness through creator stories and an exclusive episode of one of our factual original formats, Honesty Box. By spotlighting creators and leveraging subbrands, the campaign shattered stereotypes and challenged societal perceptions. It also demonstrated how audiences connect better when popular media formats are accessible to all. This resulted in a +7PP perception shift that blind and partially sighted people can lead as full a life as fully sighted people.

We also partnered with Women’s Aid to launch a powerful campaign aimed at raising awareness of coercive control and domestic abuse among younger audiences. Using LADbible’s platform to reach millions, the campaign leveraged the aspirational ‘van life’ trend, juxtaposing curated social media moments with the harsh reality of abuse. Built for social platforms and optimised for sharing, it combined emotional storytelling with platform-native formats to drive virality whilst encouraging victims to seek support.

This year reinforced the strength of our creative and commercial teams and the purpose that sits at the heart of the business. We were named Commercial Team of the Year at the Campaign UK Media Awards, and our work continued to stand out across multiple disciplines. In Ireland, LADbible Ireland was named Best Brand at the Digital Media Awards 2025, alongside a Gold award for Best Use of Video for the Obey Your Instinct campaign with Orchard Thieves and Heineken.

Our partnership with The King’s Trust earned the Marketing and Media Excellence Award. Since 2018, LBG Media has helped the Trust reach young audiences, from being their official social partner at the annual Awards, hosting red carpets, surprising winners, to creating LADnation reports that reveal insights into youth careers and futures. Together, we highlight important issues, provide opportunities, and inspire positive change in the lives of young people.

These achievements and our partnerships reflect more than creative strength; they show how a business built to highlight important issues, provide opportunities and inspire positive change in the lives of young people while delivering work that resonates with our audiences and partners.

Solly Solomou
Chief Executive Officer

 

Our investment case

LBG Media's investment case is centred around six key strengths:

1. A large, growing market. LBG Media is embedded in the fastest-growing part of the market.  Our addressable market is estimated to be $1.5 billion and is forecast to grow at approximately 8.6% from 2025 to 2027.
   
2. 2.A proven, pureplay digital model.  LBG Media benefits from strong demand from blue-chip brands to reach young adults through engaging content.  LBG Media's portfolio of brands, based on distinct interests, drives engagement with our audience.
   
3. U.S. Opportunity.  LBG Media has momentum with leading blue-chip brands in the U.S., the largest advertising market globally.
   
4. Scalable, diversified model.  LBG Media's leadership structure and culture support the next phase of LBG Media's growth across diversified revenue streams.
   
5. Continued Innovation.  The business is using content-driven AI and Generative AI to improve our speed and efficiency.
   
6. Acquisition strategy. Our robust cash flow and strong balance sheet enable us to pursue selective bolt-on acquisitions that align well with our strategic goals. We remain committed to pursuing strategic M&A and we have established a robust, active pipeline. As demonstrated by our successful partnership with Betches, we plan to structure these transactions with earnouts, ensuring alignment of interests and shared success going forward. The purchase of Betches exemplifies how we acquire assets that support our long-term objective of expanding our audience, increasing engagement and attracting blue-chip brands.
   

 

STRONG REVENUE GROWTH AND CONTINUED PROFIT GROWTH

			UNAUDITED PROFORMA
	Year ended 30 Sept 25 £’000	9 months ended 30 Sept 24 £’000	Year ended 30 Sept 25 £’000	12 months ended 30 Sept 24 £’000	Change 12m v 12m %
Revenue	92,225	64,945	92,225	86,245	7%
Adjusted EBITDA	25,249	16,929	25,249	24,475	3%
Profit before tax	14,024	12,139	14,024	14,469	(3%)
Closing cash	30,837	27,174	30,837	27,174	13%
Cash generated from operations	23,286	20,264	23,286	25,817	(10%)
Cash conversion	93%	120%	93%	105%
Financial KPIs
Adjusted EBITDA as a % of revenue	27.4%	26.1%	27.4%	28.4%
Profit before tax as a % of revenue	15.2%	18.7%	15.2%	16.8%
Non-financial KPIs
Global audience* (m)	509	503	509	503	1%
Brief conversion	28%	29%	28%	29%
Daily web sessions (m)	4.0	5.3	4.0	5.0	(20%)
Web yield per 1k sessions (£)	10.20	10.01	10.20	10.07	1%

* Global audience reflects social followers, unique podcast listeners and average monthly website users in the period.

Highlights & KPIs

The Group delivered a strong financial performance for the year ended 30 September 2025, its first full 12-month reporting period following the change in year end. On a 12-month pro forma basis, revenue increased by 7% and EBITDA increased by 3%, reflecting continued progress against the Group’s diversified growth strategy and disciplined execution. Profit before tax decreased by 3% year-on-year. Investment in the U.S. and audience development, together with prudent cost control and strong cash generation, has further strengthened the Group’s financial position and provides a solid platform for sustainable growth and resilience in FY26.

The following highlights and key performance indicators (‘KPIs’) demonstrate the Group’s sustained progress and momentum over the year.

Given that the comparative statutory period covered only 9 months, percentage movements have been presented on a like-for-like basis, comparing the 12 months ended 30 September 2025 with the 12 months ended 30 September 2024, to provide a more meaningful reflection of underlying performance.

Total revenue increased to £92.2m (FY24 (9m): £64.9m), reflecting strong trading momentum across the Group. Unaudited proforma revenue grew by 7%, from £86.2m to £92.2m, driven by continued expansion in Direct revenue and further traction from U.S. operations.

Adjusted EBITDA increased to £25.2m (FY24 (9m): £16.9m). On a like-for-like basis, comparing the 12 months ended 30 September 2025 with the unaudited proforma 12 months ended 30 September 2024, Adjusted EBITDA rose 3% to £25.2m (FY24 (12m): £24.5m), reflecting revenue growth and continued investment to support expansion, particularly in the U.S. Adjusted EBITDA margin remained strong at 27.4% (FY24 (9m): 26.1%). On a like-for-like 12-month basis, the margin was 27.4% compared with 28.4%. The slight reduction year-on-year reflects the Group’s strategic investment in scaling U.S. operations and enhancing content and commercial capabilities, while maintaining robust profitability.

The Group closed the year with £30.8m of cash (FY24: £27.2m). Cash generated from operations was £23.3m, with a cash conversion rate of 93%.

Change to accounting reference date

As announced on 24 July 2024, the Group adopted 30 September as its accounting year-end. The current reporting period represents a full 12 months from 1 October 2024 to 30 September 2025. The comparative period covers the 9 months ended 30 September 2024, which was a transitional period following the change in year-end from 31 December.

Accordingly, the statutory financial statements present results for the 12-month period ended 30 September 2025 compared with the 9-month period ended 30 September 2024. To provide a more meaningful year-on-year comparison of the Group’s underlying performance, this announcement also includes unaudited pro forma financial information on a like-for-like 12-month basis, comparing the 12 months ended 30 September 2025 with the 12 months ended 30 September 2024.

This supplementary information, derived from the Group’s management accounts for the relevant periods, does not form part of the audited financial information. Additional detail, including segmental analysis, key assumptions and reconciliations to the statutory financial statements, is presented in the accompanying notes.

Financial Review

				UNAUDITED PROFORMA
Revenue	Year ended 30 Sept 25 £’000	9 months ended 30 Sept 24 £’000	Year ended 30 Sept 25 £’000	12 months ended 30 Sept 24 £’000	Change 12m v 12m %
Direct UK	29,952	20,957	29,952	26,963	11%
Direct U.S.	18,643	12,387	18,643	14,493	29%
Direct Ireland and Rest of World	1,085	1,099	1,085	2,464	(56%)
Direct	49,680	34,443	49,680	43,920	13%
Indirect Social	25,252	15,064	25,252	22,542	12%
Indirect Web	16,220	14,304	16,220	18,651	(13%)
Indirect	41,472	29,368	41,472	41,193	1%
Other	1,073	1,134	1,073	1,132	(5%)
Total Revenue	92,225	64,945	92,225	86,245	7%
Adjusted Revenue			91,995	83,695	10%

Total Group Revenue

Total Group revenue for the year ended 30 September 2025 increased to £92.2m (FY24 (9m): £64.9m), demonstrating strong operational performance following the transition to a 30 September year-end.

On a like-for-like basis, comparing the 12 months ended 30 September 2025 with the unaudited proforma 12 months ended 30 September 2024, revenue grew by 7%, from £86.2m to £92.2m, reflecting continued momentum across both Direct and Indirect revenue streams. This performance highlights the growing appeal of our offering to advertisers and the strategic value we deliver to clients through our data-driven, multi-platform model.

On a constant currency basis, Group revenue increased by 10%, reflecting the impact of foreign exchange movements, primarily in the U.S.

The Group’s revenue mix remains well balanced, with Direct revenue accounting for 54% and Indirect revenue contributing 45% of total revenue for the year. This diversification continues to underpin the resilience of our model, providing stability across differing market conditions and enabling us to capture growth opportunities across multiple channels and geographies.

The combination of sustained audience growth, and the continued expansion of our U.S. operations provides a strong foundation for future revenue growth. Supported by investment in content, technology, and data capabilities, the Group remains well positioned to deliver consistent performance and long-term value creation.

Direct Revenue

Direct revenue continued to perform strongly, increasing to £49.7m (FY24 (9m): £34.4m). On a like-for-like basis, comparing the 12 months ended 30 September 2025 with the unaudited proforma 12 months ended 30 September 2024, Direct revenue grew by 13% to £49.7m (FY24 (12m): £43.9m), reflecting both organic expansion and enhanced commercial capabilities across our key markets.

The Group continued to capitalise on major cultural and sporting moments, delivering branded campaigns that reinforced our position as a trusted partner for advertisers. Direct revenues were driven primarily by the UK and U.S., with Ireland and other international markets contributing £1.1m in FY25 (FY24 (12m): £2.5m).

Direct UK

Direct UK revenue increased to £30.0m (FY24 (9m: £21.0m). On a like-for-like basis, comparing the 12 months ended 30 September 2025 with the unaudited proforma 12 months ended 30 September 2024, Direct UK revenue increased by 11% to £30.0m (FY24 (12m): £27.0m). Performance remained resilient as we deepened relationships with blue-chip partners and strengthened our role in their long-term marketing strategies, benefitting from continued shifts in spend toward digital-first channels.

Direct U.S.

Direct U.S. revenue increased to £18.6m (FY24 (9m): £12.4m). On a like-for-like basis, comparing the 12 months ended 30 September 2025 with the unaudited proforma 12 months ended 30 September 2024, Direct U.S. revenue increased by 29% to £18.6m (FY24 (12m): £14.5m).

Growth was supported by continued progress in the U.S., where the number of clients with campaign spend exceeding $1m has increased to 3 (FY24 (12m): 1), evidencing the growing maturity of our client base.

Indirect Revenue

Indirect revenue increased to £41.5m for the year ended 30 September 2025 (FY24 (9m): £29.4m), supported by solid performance across both social and web channels. On a like-for-like basis, comparing the 12 months ended 30 September 2025 with the unaudited proforma 12 months ended 30 September 2024, Indirect revenue grew to £41.5m (FY24 (12m): £41.2m).

Indirect Social

Indirect Social revenue increased to £25.3m (FY24 (9m): £15.1m). On a like-for-like basis, comparing the 12 months ended 30 September 2025 with the unaudited proforma 12 months ended 30 September 2024, Indirect Social revenue increased by 12% to £25.3m (FY24 (12m): £22.5m). Growth reflected improved platform stability and engagement following changes to social platform commercial models in the prior year, supported by the Group’s diversified social distribution and strong audience engagement.

Indirect Web

Indirect Web revenue increased to £16.2m (FY24 (9m): £14.3m). However, on a like-for-like basis, comparing to the unaudited proforma 12 months ended 30 September 2024, Indirect Web revenue decreased by 13% to £16.2m (FY24 (12m): £18.7m). The reduction primarily reflected weaker referral volumes and a tough prior-year comparator.

			UNAUDITED PROFORMA
Net operating expenses	Year ended 30 Sept 25 £’000	9 months ended 30 Sept 24 £’000	Year ended 30 Sept 25 £’000	12 months ended 30 Sept 24 £’000	Change 12m v 12m %
Content costs	17,612	10,847	17,612	14,408	22%
Overhead costs	14,891	11,403	14,891	13,913	7%
Payroll costs	34,473	25,766	34,473	33,449	3%
Share-based payment costs	1,950	733	1,950	1,493	31%
Amortisation, depreciation and impairment	4,803	3,634	4,803	5,312	(10%)
Fair value movement in contingent consideration	3,220	—	3,220	—	—
Adjusting items	1,592	—	1,592	2,703	(41%)
Total Group net operating expenses	78,541	52,383	78,541	71,278	10%

Net operating expenses increased in the year, reflecting the longer reporting period and continued investment in people, content and technology to support the Group’s long-term growth. These strategic investments were partly offset by efficiency initiatives and tighter cost control introduced during the year, which helped moderate the rate of cost growth without limiting the Group’s ability to scale capability.

On a 12m v 9m basis, the higher cost base mainly reflects the full-year impact of prior-year hiring, increased content production, inflationary pressures and higher marketing and platform-related spend. Efficiency measures across production workflows, commercial operations and supplier management helped moderate the overall increase.

On a 12m v 12m unaudited pro forma basis, net operating expenses increased by 10%, driven by planned investment in talent, product development and audience growth. Savings from improved operating processes and more effective resource deployment helped offset inflation and maintain cost discipline.

Looking ahead, management remains focused on balancing targeted investment with ongoing efficiency measures to support margin resilience and sustainable growth.

Share-based payment charges

Share-based payment charges increased by £1.3m in the year to £2.0m (FY24 (9m): £0.7m). The increase reflects both the introduction of new share-based incentive schemes during FY25 and a modification to existing schemes, under which certain share price targets were replaced with revenue-based performance targets to better align incentives with the Group’s strategic priorities (see note 20 for further details).

Amortisation and depreciation

Depreciation and amortisation charges for the year ended 30 September 2025 totalled £4.8m (FY24 (9m): £3.6m). When normalised for the extended reporting period, these charges remained consistent year-on-year.

Depreciation amounted to £2.4m (FY24 (9m): £1.8m), relating primarily to the Group’s right-of-use assets.

Amortisation was £2.4m (FY24 (9m): £1.8m), largely relating to the amortisation of intangible assets arising from the Betches acquisition, as well as ongoing amortisation of internally developed software and social media pages.

Adjusting items

Adjusting items represent costs that are not indicative of the Group’s underlying operating performance and are therefore adjusted to ensure consistency and comparability between reporting periods. These totalled £1.6m in the year ended 30 September 2025 (FY24 (9m): £nil), comprising the following:

• £1.2m of one-off exceptional costs relating to professional fees incurred as part of a comprehensive review of the Group’s corporate structure. These costs are non-recurring in nature and have been presented separately to provide a clearer view of underlying trading performance.
• £0.4m of costs associated with the departure of the Chief Financial Officer.

Contingent consideration

The Group also recognised additional contingent consideration of £3.2m in relation to the acquisition of Betches Media, reflecting updated expectations of future performance against earn-out targets. This non-cash fair value adjustment, recognised in accordance with IFRS 9, is excluded from underlying operating profit due to its acquisition-related nature.

Adjusted EBITDA

Adjusted EBITDA rose to £25.2m (FY24 (9m): £16.9m). On a like-for-like basis, comparing the 12 months ended 30 September 2025 with the unaudited proforma 12 months ended 30 September 2024, Adjusted EBITDA increased by 3% to £25.2m (FY24 (12m): £24.5m), reflecting revenue growth alongside continued investment—particularly in the U.S.—to build capability for future expansion. While operating costs increased at a faster rate than revenue, this primarily reflects the planned investment to scale the business, with efficiency initiatives helping to mitigate, but not eliminate, the impact of this growth-focused investment.

Adjusted EBITDA margin remained strong at 27.4% (FY24 (9m): 26.1%). On a like-for-like 12-month basis, the margin was 27.4% compared with 28.4% in the unaudited proforma 12 months ended 30 September 2024. The slight reduction reflects the Group’s ongoing investment to scale its U.S. operations and strengthen content and commercial capabilities, while maintaining a robust level of profitability. This demonstrates the Group’s ability to balance growth investment with disciplined financial management, positioning it well for sustainable margin performance in future periods.

Adjusted EBITDA is used for internal performance analysis to assess the execution of our strategy and is a benchmark that has been used by management and the investment community to assess the performance of the Group. As such, management believe that this adjusted measure is an appropriate measure to assess the performance of the Group. Note that using Adjusted EBITDA produces a materially different result to the most closely related GAAP measure, being Profit Before Tax. It is therefore important to understand the nature of any adjusting items.

Net finance costs

Net finance costs decreased by £0.2m to £0.7m (FY24 (9m): £0.9m).

The reduction primarily reflects a lower unwinding of the discount on the contingent consideration liability, following an additional earnout payment to the Betches founders during the year which reduced both the liability and associated finance charge. The decrease was further supported by higher bank interest income within the year, driven by the effective use of money market deposits to generate interest on surplus cash balances.

Share of joint ventures

The Group’s share of profit from joint ventures amounted to £1.1m for the year ended 30 September 2025 (FY24 (9m): £0.5m). This increase reflects the continued growth and improved profitability of Pubity Group Ltd, which has also focused on establishing its brand presence in the U.S. market through the incorporation of Pubity Group LLC.

Profit before tax

Profit before tax for the year ended 30 September 2025 increased to £14.0m, an increase of £1.9m from the prior period (FY24 (9m): £12.1m). This improvement was driven by strong revenue growth and continued focus on cost efficiency.

Taxation

The tax charge for the year was £3.4m (FY24 (9m): £3.2m). The effective tax rate for the year is 24%.

Balance sheet

As of 30 September 2025, the balance sheet shows a strengthened financial position, with total assets increasing by £4.7m to £101.8m (FY24: £97.1m). The year-on-year increase reflects strong trading performance, improved cash generation and higher trade receivables, partially offset by reductions in goodwill, PPE and the settlement of inventory balances.

The Group continues to benefit from a strong liquidity position and remains free of bank facility debt.

Total liabilities reduced to £21.2m (FY24: £24.0m), a decrease of £2.8m. Non-current liabilities fell to £3.0m (FY24: £6.0m), driven by lower lease liabilities following scheduled repayments and the reclassification of certain contingent consideration balances from non-current to current as they approach their expected settlement date. Current liabilities increased modestly to £18.2m (FY24: £18.0m), reflecting higher trade and other payables, partly offset by lower lease and tax liabilities.

Total equity increased to £80.7m (FY24: £73.2m), an uplift of £7.5m, reflecting retained earnings growth in the year.

Cashflow and cash position

The Group delivered a solid cash performance in the year, with a net increase in cash and cash equivalents of £3.7m (FY24 (9m): £11.7m). Cash at 30 September 2025 was £30.8m (FY24: £27.2m), and the Group continues to operate with no bank debt, providing a strong liquidity position to support ongoing investment and growth.

Cash generated from operations was £23.3m (FY24 (9m): £20.3m). This reflects strong underlying profitability, with operating profit of £13.7m (FY24 (9m): £12.6m), together with non-cash items including depreciation of £2.4m, amortisation of £2.4m and £1.9m of equity-settled share-based payments. Working capital movements included a £2.4m increase in trade and other payables, partly offset by a £1.9m increase in trade and other receivables, mainly driven by timing of year-end billing and cash collections.

Tax paid increased to £7.9m (FY24 (9m): £2.6m), reflecting higher profitability and the phasing of instalments.

Net cash used in investing activities was £5.4m (FY24 (9m): £4.1m). This primarily comprised £4.3m of contingent consideration payments relating to the Betches acquisition (FY24 (9m): £3.1m), together with modest ongoing investment in intangible assets (£0.4m) and property, plant and equipment (£0.5m).

Net cash used in financing activities was £6.2m (FY24 (9m): £1.8m). The main outflows related to £4.0m of own-share purchases by the Employee Benefit Trust and £2.1m of lease payments, alongside interest paid of £0.2m. These outflows were partly offset by £0.1m of lease deposits received.

Overall, the Group’s strong cash generation, low capital intensity and debt-free position provide a resilient platform to support future investment in growth initiatives.

Solly Solomou
Chief Executive Officer

 

Unaudited Proforma Statement of Comprehensive Income

The unaudited proforma consolidated statement of comprehensive income has been included as supplementary information to provide a like-for-like comparative view of the Group’s performance following the change in financial year-end. It is intended to enhance understanding of the Group’s annual performance. This proforma information is unaudited and does not constitute part of the audited financial information. Selected income statement data has been sourced from the Group’s management accounts for the comparative periods. Additional notes, including segmental analysis and key assumptions underlying the proforma income statement, are detailed below.

		AUDITED	UNAUDITED	UNAUDITED
	Note	9 months ended 30 Sept 24 £’000	Plus 3 months ended 31 Dec 23 £’000	12 months ended 30 Sept 24 £’000
Revenue	8	64,945	21,300	86,245
Net operating expenses		(52,383)	(18,895)	(71,278)
Operating profit		12,562	2,405	14,967
Analysed as:
Adjusted EBITDA		16,929	7,546	24,475
Depreciation		(1,814)	(786)	(2,600)
Amortisation		(1,820)	(574)	(2,394)
Asset impairment and release of related liabilities		–	(318)	(318)
Share-based payments charge		(733)	(760)	(1,493)
Adjusting items		–	(2,703)	(2,703)
Group operating profit		12,562	2,405	14,967
Finance income		289	58
Finance costs		(1,217)	(351)	(1,568)
Net finance costs		(928	(293)	(1,221)
Share of post-tax profits of equity accounted joint venture		505	218	723
Profit before taxation		12,139	2,330	14,469
Income tax expense		(3,185)	(1,805)	(4,990)
Profit for the financial year attributable to equity holders of the Company		8,954	525	9,479
Currency translation differences (net of tax)		(1,562)	(1,039)	(2,601)
Profit and total comprehensive income for the financial year attributable to equity holders of the Company		7,392	(514)	6,878
Basic earnings per share (pence)	10	4.3	0.3	4.6
Diluted earnings per share (pence)	10	4.1	0.2	4.3

Basis of preparation for proforma disclosure

1. Unaudited purpose of proforma disclosure

The proforma statement of comprehensive income has been prepared to provide stakeholders with comparative information on a like-for-like basis following the Group’s change in financial year-end from 31 December to 30 September.

The proforma disclosure presents results for the 12-month period from 1 October 2023 to 30 September 2024, enabling meaningful comparison with the current statutory financial year, which also covers a 12-month period. The proforma information is intended to enhance understanding of the Group’s underlying performance and is provided for illustrative purposes only.

2. Unaudited basis of preparation

The proforma statement of comprehensive income has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the United Kingdom. The accounting policies applied are consistent with those used in the statutory financial statements.

Key assumptions in the proforma statement of comprehensive income include the consistent application of the effective tax rate used in prior financial years and uniform treatment of share-based payments across the proforma period.

Adjusting items have been included in the proforma disclosure, with each item allocated to the period in which it was incurred. This approach provides a realistic view of the Group’s financial performance, reflecting all significant items impacting operations during the 12-month period.

3. Unaudited revenue and expense allocation

Revenue recognition has been applied consistently across both the statutory and proforma periods, in line with IFRS 15 guidelines. Revenue streams have been allocated across the proforma period according to performance obligations.

Operating expenses, including direct and indirect costs, have been allocated on a basis consistent with the statutory period.

4. Unaudited adjusting items

Adjusting items during the reporting period are reflected in the proforma statement of comprehensive income based on the actual period in which they were incurred. Detailed notes accompany the proforma statement of comprehensive income, outlining the nature and timing of each adjusting item to enhance transparency and clarity for users.

5. Unaudited taxation

A blended effective tax rate has been applied across the proforma period to reflect relevant tax rates for each segment.

For the 12-month proforma period ending 30 September 2024, a blended rate combining the FY23 rate and the rate applicable to the statutory 9-month period has been applied, providing a representative tax view across the proforma period.

6. Unaudited share-based payments

Share-based payments have been calculated and applied consistently throughout the proforma period, using the same valuation methodologies and recognition criteria as in prior periods, ensuring comparability with statutory accounts.

7. Unaudited presentation of comparative information

The proforma statement of comprehensive income is presented as supplementary information and does not form part of the Group’s statutory financial statements. The proforma information relates solely to the 12-month period from 1 October 2023 to 30 September 2024 and has been prepared to provide a like-for-like comparative basis following the change in the Group’s financial year-end.

Disclosures

8. Unaudited revenue

	AUDITED	UNAUDITED	UNAUDITED
	9 months ended 30 Sept 24 £’000	Plus 3 months ended 31 Dec 23 £’000	Year ended 30 Sept 24 £’000
Revenue
Direct UK	20,957	6,006	26,963
Direct U.S.	12,387	2,106	14,493
Direct Other	1,099	1,365	2,464
Direct	34,443	9,477	43,920
Indirect Social	15,064	7,478	22,542
Indirect Web	14,304	4,347	18,651
Indirect	29,368	11,825	41,193
Other	1,134	(2)	1,132
	64,945	21,300	86,245

9. Unaudited adjusting items
A breakdown of adjusting items is provided below.

	AUDITED	UNAUDITED	UNAUDITED
	9 months ended 30 Sept 24 £’000	Plus 3 months ended 31 Dec 23 £’000	Year ended 30 Sept 24 £’000
Costs associated with business reorganisations	–	1,629	1,629
Acquisition related fees	–	1,141	1,141
One-off retention payment in 2023	–	–	–
U.S. set-up costs	–	–	–
Tax (credits)/settlements	–	(67)	(67)
	–	2,703	2,703

10. Unaudited EPS

	AUDITED	UNAUDITED
	9 months ended 30 Sept 24 £’000	Year ended 30 Sept 24 £’000
Basic Earnings per share
Earnings, £m	8,954	9,479
Number of shares (m)	209.1	208.4
Earnings per share, pence	4.3	4.6
Diluted Earnings per share
Earnings, £m	8,954	9,479
Number of shares (m)	217.7	217.7
Earnings per share, pence	4.1	4.4

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended 30 September 2025

	Note	Year ended 30 September 2025 £’000	Period ended 30 September 20241 £’000
Revenue	4	92,225	64,945
Net operating expenses	6	(78,541)	(52,383)
Operating profit		13,684	12,562
Analysed as:
Adjusted EBITDA2		25,249	16,929
Depreciation	11	(2,417)	(1,814)
Amortisation	10	(2,386)	(1,820)
Equity-settled share-based payments charge	20	(1,851)	(566)
Cash-settled share-based payments charge	20	(99)	(167)
Fair value movement in contingent consideration	27	(3,220)	–
Adjusting items	6	(1,592)	–
Group operating profit		13,684	12,562
Finance income	8	471	289
Finance costs	8	(1,190)	(1,217)
Net finance costs		(719)	(928)
Share of post-tax profits of equity-accounted joint venture	13	1,059	505
Profit before taxation		14,024	12,139
Income tax expense	9	(3,404)	(3,185)
Profit for the financial year attributable to equity holders of the Company		10,620	8,954
Currency translation differences (net of tax)		(12)	(1,562)
Profit and total comprehensive income for the financial year attributable to equity holders of the Company		10,608	7,392
Basic earnings per share (pence)	7	5.1	4.3
Diluted earnings per share (pence)	7	5.0	4.1

^1.The comparative figures relate to a nine-month period ended 30 September 2024 following a change in the Group’s accounting period and are therefore not directly comparable to the current period.
^2.Adjusted EBITDA is an Alternative Performance Measure. Definitions and reconciliations are set out in the Alternative Performance Measures (‘APMs’) section in the Annual Report.

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2025

	Note	As at 30 September 2025 £’000	As at 30 September 2024 £’000
Assets
Non-current assets
Goodwill and other intangible assets	10	35,258	37,330
Property, plant and equipment	11	3,059	4,947
Investments in equity-accounted joint ventures	13	2,254	1,195
Other receivables	14	119	219
Deferred tax asset	19	1,711	274
Total non-current assets		42,401	43,965
Current assets
Trade and other receivables	14	28,019	25,982
Inventory		–	22
Current tax asset		583	–
Cash and cash equivalents	15	30,837	27,174
Total current assets		59,439	53,178
Total assets		101,840	97,143
Equity
Called up share capital	21	209	209
Share premium reserve		28,993	28,993
Treasury shares		(3,238)	–
Accumulated exchange differences		(2,627)	(2,615)
Retained earnings		57,325	46,572
Total equity		80,662	73,159
Liabilities
Non-current liabilities
Non-current lease liability	12	952	1,757
Provisions	18	484	482
Non-current contingent consideration	27	1,331	3,240
Deferred tax liability	19	232	535
Total non-current liabilities		2,999	6,014
Current liabilities
Current lease liability	12	1,223	2,485
Trade and other payables	16	11,237	9,460
Contingent consideration	27	5,710	3,811
Current tax liabilities		–	2,214
Derivatives	22	9	–
Total current liabilities		18,179	17,970
Total liabilities		21,178	23,984
Total equity and liabilities		101,840	97,143

 

CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended 30 September 2025

	Notes	Year ended 30 September 2025 £’000	Period ended 30 September 20241 £’000
Net cash flow from operating activities
Profit for the financial year/period		10,620	8,954
Income tax		3,404	3,185
Net interest expense	8	719	928
Share of post-tax profits of equity-accounted joint venture	13	(1,059)	(505)
Operating profit		13,684	12,562
Depreciation charge		2,417
Amortisation of intangible assets	10	2,386	1,820
Equity-settled share-based payments	20	1,851	566
Cash-settled share-based payment	20	99	167
Settlement of cash-settled share options	20	(980)	(305)
Effect of exchange rates on contingent consideration	27	127	(13)
Fair value movement in contingent consideration	27	3,220	–
(Increase)/decrease in trade and other receivables		(1,935)	2,737
Increase in trade and other payables		2,417	916
Cash generated from operations		23,286	20,264
Tax paid		(7,944)	(2,638)
Net cash generated from operating activities		15,342	17,626
Cash flows from investing activities
Purchase of intangible assets	10	(394)	(563)
Purchase of property, plant and equipment	11	(480)	(466)
Settlement of amounts payable to sellers	16	(213)	–
Payment of contingent consideration	27	(4,339)	(3,120)
Net cash used in investing activities		(5,426)	(4,149)
Cash flows from financing activities
Lease payments	12	(2,080)	(1,621)
Lease deposits paid		(50)	(50)
Lease deposits returned		104	25
Proceeds from share issue	21	–	2
Purchase of own shares (EBT)	21	(4,013)	–
Interest paid	17	(181)	(182)
Net cash used in financing activities		(6,220)	(1,826)
Net increase in cash and cash equivalents		3,696	11,651
Cash and cash equivalents at the beginning of the year/period		27,174	15,800
Effect of exchange rate changes on cash and cash equivalents		(33)	(277)
Cash and cash equivalents at the end of the year/period2	15	30,837	27,174

^1.The comparative figures relate to a nine-month period ended 30 September 2024 following a change in the Group’s accounting period and are therefore not directly comparable to the current period.
^2. Cash and cash equivalents at 30 September 2025 include £1,387k of cash held by the EBT which is restricted for the purpose of settling employee share awards.

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As at 30 September 2025

	Notes	Share capital £’000	Share premium £’000	Own share reserve (EBT) £’000	Accumulated exchange differences £’000	Retained earnings £’000	Total Equity £’000
Balance as at 1 January 2024		207	28,993	–	(1,053)	37,006	65,153
Profit for the financial period		–	–	–	–	8,954	8,954
Currency translation differences		–	–	–	(1,562)	–	(1,562)
Total comprehensive (loss)/income for the period		–	–	–	(1,562)	8,954	7,392
Issue of shares in the period	21	2	–	–	–	–	2
Share-based payments	20	–	–	–	–	566	566
Deferred tax on share options and intangibles		–	–	–	–	46	46
Total transactions with owners, recognised directly in equity		2	–	–	–	612	614
Balance as at 30 September 2024 and 1 October 2024		209	28,993	–	(2,615)	46,572	73,159
Profit for the financial year		–	–	–	–	10,620	10,620
Currency translation differences		–	–	–	(12)	–	(12)
Total comprehensive (loss)/income for the year		–	–	–	(12)	10,620	10,608
Purchase of own shares (EBT)	21	–	–	(4,013)	–	–	(4,013)
Own shares used to satisfy vested awards	21	–	–	775	(775)	–
Share-based payments	20	–	–	–	–	1,851	1,851
Equity-settled share options switched to cash-settled share options	20	–	–	–	–	(942)	(942)
Deferred tax on share option		–	–	–	–	(1)	(1)
Total transactions with owners, recognised directly in equity		–	–	(3,238)	–	133	(3,105)
Balance as at 30 September 2025		209	28,993	(3,238)	(2,627)	57,325	80,662