XLMedia has posted its year-end results for 2022. The digital media firm’s announcement states it has, “made substantial progress in building its business as a sport and gaming focused group.”
Results were presented on a continuing operations basis after XLMedia’s decision to leave the personal finance sector in December 2022.
Revenue from XLMedia’s continuing operations reached $71.8m, up 24% from the previous year, while 2022 profit saw a 14% decrease to $2.4m. The group’s core operations, which it defines as sport and gaming activities, increased 27% to $69.6m, with an adjusted EBITDA increase of 25% to $18.2m.
XLMedia operates a US presence in 19 states with legal online sports betting. CEO, David King, said the legalisation of digital wagering in new states drove “large spikes in revenues and profits.”
The group has restructured its US management, integrated sports betting and media assets acquired in 2021, launched a fourth brand under the Saturday Football franchise and signed new partnerships with Newsweek, Cleveland.com and Masslive.com.
XLMedia’s new CFO Caroline Ackroyd was appointed in March 2022, as was its new Chairman, Marcus Rich, while King was appointed to his role of CEO in July last year.
King’s further comments went on, “We made good progress in 2022, having re-engineered the business to become one of the leading sports betting affiliates in North America and our US business is expected to continue to evolve at a rapid pace as the market starts to migrate from upfront acquisition payment to revenue share agreements.
“2022 has been an important year for refocusing the business and I'm pleased with the progress we have made. Whilst still early into the new year, I'm confident XLMedia is in a stronger position.”
