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(Alliance News) - XLMedia PLC on Wednesday said trading is going as planned, "buoyed" by its US Sports offering.
Shares in XLMedia closed up 8.3% at 32.50 pence in London on Wednesday.
For the six months ended 30 June, XLMedia expects a 38% increase in revenue to USD44.5 million from USD32.2 million a year prior. Earnings before interest, taxes, depreciation, and amortization increased 59% to USD10.5 million from USD6.6 million.
The Henley-on-Thames, England-based digital performance publisher said its newest vertical, US Sports, generated USD30.2 million revenue.
The company's wider Sports division more than doubled its revenue to USD34.0 million from USD11.7 million a year prior.
"The opening of new regulated markets and the signing of new media partnership agreements has allowed the US Sports business to capitalise on the full US sports calendar, in particular the Super Bowl, and deliver strong growth in H1 2022," XLMedia explained.
XLMedia's casino and bingo division saw a 33% revenue decrease to USD8.4 million from USD12.5 million the year prior.
"Gaming revenues are expected to continue to trade below historic levels, in line with expectations, although the business is now showing signs of stabilising, having suffered from a year-on-year decline in tail revenue," XLMedia said.
In addition, the company's personal finance division's revenue plunged 88% to USD800,000 from USD6.6 million the year before, due to ageing technology and a need to re-evaluate market tactics.
XLMedia appointed a new chair and chief financial officer during the period and the new chief executive officer was appointed at the start of July.
Looking forward, the company's new organisational design is expected to generate annualised cost savings between USD5 million and USD6 million, it also expects further payments of around USD7.7 million.
"Trading for the current financial year is performing in line with expectations," XLMedia summarised.
By Dominique Pretorius; dominiquepretorius@alliancenews.com
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