LBG Media (LBG) Trading update summary

Revenue performance and mix

• Revenue grew 19% to £52.4m in H1 26, with constant currency growth of 22%, up from 10% in FY25.

• Direct revenue streams now account for over 70% of total revenue, up from about 55% in FY25.

• Indirect revenue streams did not recover, with continued impact from Meta's Facebook algorithm changes.

Profitability and investment

• Adjusted EBITDA fell to £8.0m (H1 25: £12.2m) due to investment in leadership, sales, and revenue mix shift.

• EBITDA margin decline reflects higher Direct revenue share, which has lower margins than Indirect.

Strategic initiatives and technology

• Ongoing investment in generative AI is driving productivity and client engagement.

• Expansion in the U.S. and UK Direct markets is supported by senior hires and growing blue-chip client demand.