Last checked at 12 Jul 2023 07:00
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014. Upon the publication of this announcement, this information is now considered to be in the public domain.
12 July 2023
XLMedia PLC
("XLMedia" or the "Company")
Sale of Three European Casino Assets
Upfront payment of $4 million represents a 4.7x multiple of revenue
XLMedia (AIM: XLM), a leading global digital media company, today announces the sale of three of the Group's European Gaming domains and associated websites, Casino.se, Casino.gr, and Casino.pt for a total upfront cash consideration of $4.0 million, representing a 4.7 times multiple on revenue (the "Sale").
In the year ended 31 December 2022, the assets relating to the Sale generated revenues of $840,000, 6% of the Group's European Casino revenue, with a gross profit of approximately $750,000. Total European Casino revenues in 2022 were $14.3 million.
The Group will continue to operate its Gaming business in the Swedish and other European markets. At present, the performance of the Group's European Gaming business is tracking marginally ahead of management expectations.
The cash generated from the Sale of these assets to Beach Services provides the Group with additional working capital and funds further investment to drive the expansion of XLMedia's North American Sports and Gaming footprint and advance its EU portfolio.
The Board is pleased to be able to realise further substantial value from the Sale, having recently also completed the sale of the loss-making Personal Finance business for $2.05 million.
For further information, please contact:
XLMedia plc David King, Chief Executive Officer Caroline Ackroyd, Chief Financial Officer www.xlmedia.com
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ir@xlmedia.com via Vigo Consulting |
Vigo Consulting Jeremy Garcia / Fiona Hetherington / Kendall Hill www.vigoconsulting.com
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Tel: 020 7390 0233 |
Cenkos Securities plc (Nomad and Broker) Giles Balleny / Max Gould www.cenkos.com
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Tel: 020 7397 8900 |
About XLMedia:
XLMedia (AIM: XLM) is a leading global digital media company that creates compelling content for highly engaged audiences and connects them to relevant advertisers.
The Group manages a portfolio of premium brands with a primary emphasis on Sports and Gaming in regulated markets. XLMedia brands are designed to reach passionate people with the right content at the right time.