24th Jul 2018 11:20
LONDON (Alliance News) - XLMedia PLC said Tuesday trading over the first six months of 2018 had been in line with its reduced expectations as it continues to make progress in diversifying the business.
For the six months ended June, trading was in line with its revised market expectations. In early June, XLMedia reported its expected pretax profit to be lower than the USD39.3 million reported the year prior. Revenue was also expected to fall below the USD130 million previously guided.
XLMedia continued to progress its strategy of diversifying its revenue stream.
In January, it acquired Finnish gambling-related websites for EUR15 million from Good Game Ltd. In April, it bought online bingo games comparison site WhichBingo.co.uk for an undisclosed sum.
This was followed by the takeover of US personal finance website InvestorJunkie.com for USD5.8 million cash in early July.
XLMedia noted that its personal finance unit has continued to see organic growth. Combined with its recent acquisitions in the space, the unit now represents 10% of total run-rate publishing revenues. This is up from 5% the year prior.
The firm will report its interim results on September 24. Shares in XLMedia were 0.2% lower at 105.00 pence on Tuesday.
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