11th May 2020 17:09
(Alliance News) - XLMedia PLC on Monday said it expects to save more than USD5 million by reducing its headcount as part of a shift towards automation and outsourcing.
The digital performance marketing services company conducted a headcount and core functions review and said it has found "a number of functions and roles which could be streamlined" as automation and outsourcing increase and the firm gravitates towards more editorial.
These measures would produce, in XLMedia's estimation, more than USD5 million of annualised savings in its current financial year, though 2020 savings are to be mostly offset by increased spending in US sports and personal finance via "investment in infrastructure and resource alongside select acquisitions".
Chief Transformation Officer Sarah Clark has now been made chief operational officer full time after joining the firm in February. Xen Lategan has been appointed as interim technology consultant, having most recently been CTO for News International.
XLMedia Chief Executive Stuart Simms said: "I joined XLMedia with the clear intention to orientate the Company towards a balanced portfolio of premium branded sites, in verticals and markets that deliver sustainable revenue growth. To support this transformation, we have been working diligently to augment our leadership team and operating structure, as well as to right-size the resources required for our business to operate most efficiently."
"Our transformation plan continues to gather momentum, and I am pleased to share our progress with all our major stakeholders, alongside welcoming new talent to the business."
Shares in XLMedia ended 3.8% higher at 24.90 pence in London on Monday.
By Anna Farley; [email protected]
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