12th May 2016 07:35
LONDON (Alliance News) - XLMedia PLC Thursday said it has opted to remain listed on AIM as an independent company following a strategic review, saying it had concluded this was the best way of "maximising value for shareholders."
The marketing services company had initiated a strategic review in January, considering all options including a sale of the company. In March it reported 2015 results showing an 84% rise in pretax profit and 76% increase in revenue.
XLMedia said Wednesday that, following the end of the strategic review process, it remains committed to its growth strategy, and will continue to evaluate a number of acquisition opportunities.
The company said it had made an "excellent start" to 2016, and its current trading remains in line with its expectations.
"Having now undertaken a very thorough strategic review, the board has concluded that the best prospects for the business and maximising shareholders' value are though remaining an independent company on AIM," said Chairman Christopher Bell in a statement.
"We are focused on ensuring we maintain our market leading position, delivering a best in class service to customers whilst attracting the best people in the industry. Being a quoted company provides the best platform to deliver on that commitment and our recent full year results with record revenue and pretax profit growth support this decision," added Bell.
Shares in XLMedia were up 1.7% at 69.90 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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