XLMedia has announced a fall in revenue and adjusted earnings for the six months ending 30 June 2018.
Revenues were at $59.1m compared with $67.9m in H1 2017, with adjusted EBITDA of $20.9m compared with $22.8m.
Gross profit of $33.5m was down, from $35.2m last year. XLMedia 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 Finnish gamblingrelated information websites for $18m and WhichBingo.co.uk for $10.5m. The group said it has prepared for launch into the potentially significant US gambling market and enhanced its 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, against a backdrop of regulatory pressures and challenging market conditions in the 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’ve been focusing on implementing strategy and executing acquisitions to accelerate growth, allocating more than $45m of capital for acquisitions.”