XLMedia swings to loss over impairment costs in 2019

XLMedia swings to loss over impairment costs in 2019

XLMedia’s revenue for 2019 declined 14.8% to $79.7m, while an $81.4m impairment loss meant the affiliate group made an overall net loss for the year.

Published 23rd April 2020

Of the business’s $79.7m in revenue, $34.7m came from Scandinavia, down 18.2%. A further $21.5m came from the rest of Europe, a 19.8% decline, while North American revenue increased 11.4% to $16.2m.

Revenue from Oceania fell 17.6% to $1.4m, while revenue from Asia quadrupled to $224,000 and revenue from elsewhere collapsed by more than 95% to $104,000. A further $5.7m in revenue came from “unidentified locations,” a 3.5% year-on-year decrease.

XLMedia’s costs of revenues came to $26.0m, down 13.3%. This resulted in gross profit of $53.7m, down 15.7%.

The business spent a further $1.6m on research and development, up 48.8%. Its sales and marketing expenses came to $4.6m, down 9.3%, while general and administrative expenses rose 4.8% to $21.2m. The combined cost of these expenses was $27.3m, up 3.9%.

After deducting these costs, XLMedia’s operating profit before impairment and reorganisation costs came to $26.3m, down 28.8%.

Read the full story on iGB.