XLMedia posts H1 trading update, showing revenue of $29.4m
The company’s results show a drop overall on H1 2022, where it highlights the sports betting debut of New York as a major factor as to why its financial performance has not kept up in H1 2023.
By Matthew Nicholson
XLMedia has posted its H1 report update showing that its revenue totalled $29.4m, a marked 34% drop on the $44.5m it reported for H1 2022.
Its adjusted EBITDA also saw a sharp drop, with the $6.5m posted in H1 2023 a $4.1m fall on H1 2022’s $10.6m.
Breaking the figure down, XLMedia reported that it made $21.4m from sports betting – noting the strength of Ohio’s launch during H1. Although the $34m posted in H1 2022 remains higher, meaning H1 2023 fell by 37% annually.
From gaming, XLMedia posted $7.4m in revenue – again, down on the $8.4m it made in H1 2022. However, the company also noted that its European gaming vertical is trading ahead of management expectations.
Overall, XLMedia states that the results are ‘in-line with management’s expectations after adjustment for the sale of the three European Casino Assets announced on 12 July 2023.’
It also states that the 2022 results were heavily inflated by the launch of sports betting in New York in 2022, which ‘was not repeated at the same level with the launch in January 2023 of online sports betting in Ohio.’
The company also highlighted the recent deals it made, including rev share deals with bet365 and Betway.
Furthermore, it also states that in March 2023, the Board agreed to a 15% reduction paid to Non-Executive Directors – which includes its Chair – that took effect from April 1.
Zdroj:www.gamblinginsider.com
Shrnutí
Digital marketing company XLMedia has reported a significant drop in revenue and adjusted EBITDA for H1 2023 compared to the previous year. Revenue totalled $29.4m, a 34% decrease from $44.5m in H1 2022, while adjusted EBITDA fell from $10.6m to $6.5m. The company attributed the decline to factors such as the debut of sports betting in New York in 2022, which was not repeated at the same level with the launch in Ohio in January 2023. XLMedia also noted that its European gaming vertical is performing better than expected. The company recently secured deals with bet365 and Betway.