LBG Media expects FY26 revenue to rise 16% at constant currency

LBG Media expects FY26 revenue of approximately £106 million, equivalent to €126.5 million, following its financial year end on September 30. In its October 28 trading update, the London-based company put constant-currency revenue growth at 16% and organic revenue growth at 8%.

The update framed the £106 million as an expectation rather than a final reported total. LBG disclosed no FY26 profit or cash flow figures, subscriber numbers, audience reach, or reconciliation between the 16% constant-currency rate and the 8% organic rate. Those two headline measures stand 8 percentage points apart without a published bridge.

LBG Media operates in social entertainment video and streaming, with a focus on young adults. The update discusses two revenue streams: Direct, which grew strongly, and Indirect, which declined. It gives no definition of the customer or delivery model behind either label.

How should the £106 million forecast be read?

Direct supplied the measurable growth. LBG Media said Direct revenue rose 69% year on year and 57% on an organic basis. Betches, the company’s US business, continued to make a strong contribution. The two Direct growth measures differ by 12 percentage points, and LBG published no standalone Betches revenue, user metric, operating result, or segment contribution disclosure.

CEO Solly Solomou said: “While Direct performed strongly, FY26 was a mixed year. As expected, we saw a market-driven decline in Indirect, whilst growth in Direct revenue and Uncovered reflected our strategic intent.” His wording places the decline alongside strategic growth rather than presenting FY26 as uniform expansion.

Indirect moved in the opposite direction, with Solomou attributing its decline to market conditions and calling the fall expected. LBG Media quantified neither the decrease nor Indirect’s contribution to the group total. It also omitted Indirect’s prior-year revenue base, preventing readers from calculating how much Direct growth offset the contraction at group level.

Uncovered supplied a second source of growth after LBG Media acquired the social-first agency in June. The company said Uncovered made an increasing contribution during FY26. Solomou said it was “already trading ahead of the Board’s expectations.”

The agency’s early performance came with no disclosed revenue or margin figure. That leaves management’s favorable characterization unquantified. LBG also disclosed no purchase price for the June acquisition, although it identified Uncovered as a contributor to both FY26 revenue and its FY27 growth case.

What must happen in FY27?

LBG Media identified Betches within its expanding US presence. The board cited continued Direct momentum, that presence, and increased contribution from Uncovered, but offered no country-level revenue figure, Betches forecast, or quantified FY27 target.

The board remains confident that LBG Media will deliver growth in FY27. Solomou believes the company’s focus on original content will continue to drive growth. He also points to investments in the company’s platform and client relationships. The update disclosed no investment amount, spending timetable, expected return, revenue target, margin forecast, or timetable for evidence of commercial delivery.

Client depth offers another stated support for FY27. Solomou said relationships with LBG’s top 20 clients had deepened. The company named none of those clients and disclosed no revenue concentration, contract duration, or renewal data, so the number signals relationship breadth rather than contracted income.

The commercial evidence and the forward case are not equally specific. FY26 includes four headline growth percentages: 16% for the group at constant currency, 8% organically, and Direct growth of 69% reported or 57% organic. The FY27 case relies on management expectations around content, the US and Uncovered, without a numerical revenue or margin commitment or a published spending schedule.

The next checkpoint is FY27, when LBG Media must convert Direct momentum, Betches expansion and Uncovered’s early trading into reported revenue. Management cited platform and client investment, but has not stated how much it will spend or when that spending will appear in reported results.