XLMedia provides trading update and notice of results
The affiliate recently sold it Canada and Europe assets, and numbers are down.
XLMedia has published an update on its financial and business results for the first half of 2024. During the period, the company finished a deal to sell its Canadian and European assets to Gambling.com Group.
The two wrapped up the sale for a fixed consideration of $37.5m, along with a “potential earnout consideration of up to a further $5m based on revenue performance.”
XLMedia said “the group will incur transition costs principally for the migration of technology for a period of six months.” The affilaite went on to add that it will continue to retain its liabilities and debtors once the sale is complete.
XLMedia also noted that it plans to use the money from the sale to cover its final deferred US acquisition payment, settle tax provisions that are outstanding and cover asset transition costs.
The company will also use the proceeds to support its North American business by providing working capital and returning cash to company shareholders.
Group total revenue during the period reached $15.6m, nearly half of what the company posted a year ago.
Revenue for XLMedia’s North American segment followed a similar trend during the first half of the year. North American revenue reached $9.8m, almost half of the total posted during 2023.
However, the company said these results reflect “a solid start to the year” in North America. XLMedia attributes this to its recent online sports betting launch in North Carolina.
XLMedia is an international digital media company that manages a portfolio of brands that focus on sports and gaming throughout regulated markets.
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