XL Media hails 'solid' performance
Published 24th September 2018
XLMedia has announced a fall in revenue and adjusted earnings for the six months ended 30 June 2018.
Revenues were at $59.1m compared to $67.9m in H1 2017, with adjusted EBITDA of $20.9m compared to $22.8m. Gross profit of $33.5m was down on $35.2m last year.
XL Media said it has a strong balance sheet with $51.3m of cash and short-term investments to be deployed in further acquisitions for future growth.
It added that it is “on track to meet profit expectations for the full year”.
Operating highlights included the completion of acquisitions totalling $45.8m, including leading Finnish gambling related informational websites for $18.0m and WhichBingo.co.uk for $10.5m.
It said it has prepared for launch into the significant future potential US gambling market and enhanced the Group's Asia-Pacific presence in the mobile apps vertical and increased revenues from new clients in the region.
Ory Weihs, chief executive of XLMedia, said: "The Group produced a solid profit performance in the first half, albeit against a backdrop of regulatory pressures and challenging market conditions in the online gambling sector. However, we are now seeing positive signals and expect to meet profit expectations for the full year.
"Since the beginning of this year we have been focusing on implementing our strategy and executing acquisitions in order to accelerate growth, allocating over $45 million of capital for acquisitions. Our newly acquired assets perform as expected and we are confident they will deliver a strong return.