XLMedia loss narrows amid disposals as wind down progresses

(Alliance News) - XLMedia PLC on Thursday said its pretax loss narrowed in 2024, following the sale of "substantially all" of its assets.

The London-based sports digital media company said its results for 2024 are presented as discontinued operations, with the company "focused on the orderly distribution to shareholders of the net proceeds from the disposals after clearing the group's liabilities".

The Europe and Canada assets were sold to Gambling.com Group Ltd in April 2024 for USD41.2 million, with the North American assets sold to Sportradar Group AG in November for USD21.0 million.

Pretax loss narrowed to USD16.6 million in 2024 from USD43.2 million in 2023.

Revenue fell 65% to USD17.7 million from USD51.0 million. The company made a USD4.2 million gain on disposal of assets to third parties, compared to a USD212,000 loss in 2023.

XLMedia said its board believes it should remain admitted to trading on AIM while it makes returns from the recent disposals, but it expects trading to be suspended on or around May 12.

The firm said it intends to make a further capital return to shareholders before the suspension of trading. The company returned GBP14.0 million to shareholders in February with the valid tender of 46% of its shares.

XLMedia said, alongside the announcement of a second tender offer, it will give details of estimated outstanding costs and cash retained pending the liquidation of the company and its subsidiaries.

Chief Executive Officer David King said: "We have made substantial progress in reducing costs having successfully completed the transition of both European and North American assets to new owners. The outstanding tax liabilities remain the most significant residual cost and we are working rapidly with our advisers with a view to early submission of final tax returns. However at this point we have no certainty over the timescales for final agreement from each tax authority."

Shares in XLMedia were up 0.5% at 10.20 pence in London on Thursday afternoon.

By Michael Hennessey, Alliance News reporter

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