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(Alliance News) - XLMedia PLC on Thursday said it expects to deliver annual revenue and earnings in line with expectations.
Shares in XLMedia were down 6.9% at 6.70 pence each in London on Thursday morning.
The London-based global digital media company said 2023 revenue is forecasted to be around USD50 million, down from USD71.8 million a year ago, while adjusted earnings before interest, tax, depreciation and amortisation is expected to be around USD12 million, reflecting a drop from USD17.8 million in 2022.
During the year, the company said it saw the return to growth of its premium European assets and also made further progress in replacing legacy technology and implementing further cost reduction measures.
XLMedia added that at December 31, it had cash at bank of USD4.8 million, compared to USD10.8 million the previous year. "The reduction in cash in the period reflects deferred acquisition payments, media partner minimum guarantee payments and other exceptional costs," the firm explained.
Looking ahead, XLMedia said it is set to launch online sport betting in North Carolina in mid-March.
"North Carolina is expected to be a material market for sports betting, and XLMedia remains well-placed for the launch with both owned and media partner brands", the firm said.
"Further state launches are not currently planned during 2024, but following the US election and into 2025 we expect to see an acceleration in the legalisation of online sports betting in the remaining 20 unregulated US states, with five currently in active ballot initiatives."
In addition, XLMedia said it will continue to focus on growing its premium European brands and maximising existing opportunities in the US.
XLMedia is set to publish its full-year financial results in early April.
By Sabrina Penty, Alliance News reporter
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