LBG Media - Building trust and reach

LBG Media is making good headway in tough markets with its strong proposition to advertisers wanting to reach Millennial and Gen Z audiences. There are now 17 clients generating over $1m of revenue in its Direct business, from seven in the year to March 2024. Importantly, the degree of repeat business is now 78% of Direct revenues. Indirect revenues, from social platforms and the group's own websites, are growing faster, up 18%. Getting it right in the US is key to accelerating LBG Media's growth and the Betches acquisition has provided a good springboard, broadening the addressable audience. H225 will present tougher comparatives, and fx moves are unhelpful, but full-year revenue growth in double digits (constant currency) should be achievable. The medium-term outlook remains positive, backed by strong cash conversion and a cash-positive balance sheet.

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