XLMedia, a global digital performance publisher, on Tuesday revealed its audited results for the year ending December 31, 2021.
The company said its revenue for 2021 was $66.5m, up 21% from $54.8m in 2020. This growth was led by the sports vertical, which saw revenue jump to $31.4m last yar from $11.3m in the prior year.
European casino assets saw revenue drop year over year, to $23.2m from $31.7m.
XLMedia generated an operating profit of $3.9m last year, up sharply from just $100,000 in 2020. Adjusted EBITDA hit $17.9m, a gain from $12.2m.
Officials said the company has grown its presence in North American sports, thereby creating a “significant” market opportunity. XLMedia now has coverage across the 15 states in which online sports betting is legal, as well as US states and Canadian provinces soon to legalize, they added.
The company made two acquisitions of sports-related companies in the US: Sports Betting Dime and Saturday Inc. CEO Stuart Simms said these entities have been “successfully harmonized.”
Meanwhile, Simms said XLMedia has undertaken a global operational reorganization that is expected to be complete in the first half of 2022. He asserted the decline in European casino assets has been “managed” and profitability has been “retained.”
Looking ahead, XLMedia’s current trading for 2022 is considered in line with management expectations, with the North American sports vertical expected to be a key growth, profit and cash driver for the group, as it has gotten off to a “strong start” this year.
“We have made great progress in North America during 2021, alongside delivering important organizational changes to both rationalize and ring-fence legacy areas of our business,” Simms said in a statement. “We set out to become a significant player in North American sports – in line with our strategy to pursue high-growth, large, regulated markets – now we are in really good shape, with strong geographical coverage and capability, ready to fully exploit this significant market opportunity.”
Julie Markey, interim Chair, added: :In 2021, the group evolved its operational capabilities, upskilling and realigning our global workforce to better match strategy and generate new future growth. I am proud of our people for driving through a period of significant change, including having to navigate continued restrictions relating to the Covid pandemic. The business is becoming more agile and responsive so that it can fully exploit new opportunities.”
