Key Financials

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.