REG - XLMedia PLC - Trading Update

XLMediaAnnouncement

31/01/2023 07:00

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RNS Number : 3276O  XLMedia PLC  31 January 2023

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.

31 January 2023

XLMedia PLC

("XLMedia" or the "Group")

 

Trading Update

 

XLMedia (AIM: XLM), a leading global digital media company, today provides the
following trading update for the year ended 31 December 2022 ("FY 2022").

 

The Group expects its full year consolidated results for FY 2022 to be in line
with expectations, delivering revenue of approximately US$73.7 million (2021:
US$66.5 million) and Adjusted EBITDA(1) in the range of US$16.1 million to
US$16.6 million.

 

Revenues from Sports and Gaming were up 27% to US$69.6 million (2021: US$54.6
million), with Adjusted EBITDA from these core activities of approximately
US$17.5 million to US$18.0 million.

Cash balances (including short-term deposits) at FY 2022 are expected to be
approximately US$10.8 million (FY 2021: US$24.6 million), with the Group
having paid US$21.4 million in deferred acquisition and earnout payments
during 2022.

 

The Group's Sports vertical delivered a strong performance during the year,
with revenues up 72% to approximately US$54.0 million (2021: US$31.4 million),
including New York legalising online sports betting in January 2022 and
Maryland in November 2022. The Group now has North American coverage across 18
states, including Ohio, which went live on 1 January 2023, providing the Group
with a strong start to the year, with Massachusetts expected to go live with
online sports betting in March 2023.

 

The Group's casino and bingo Gaming assets generated revenues of approximately
US$15.6 million (2021: US$23.2 million). The casino business progressed the
rebuilding of its sites during 2022, delivering increasing audience, growing
new depositing customers, and building new tail revenue from its revenue share
deals. As expected, old tail revenues declined further in the year, although
overall total revenues stabilised in the second half of the year.

 

Non-core revenues of US$4.1 million (2021: US$11.8 million) included Personal
Finance revenue of US$1.9 million (2021: US$8.7 million). On the 15 December
2022, the Group announced that it is exploring the potential sale of all
Personal Finance assets. This process remains ongoing and further
announcements on progress will be made as and when appropriate.

 

1 Adjusted EBITDA is defined as EBITDA adjusted for Share Based Payments and
Transformation costs.

 

Notice of Results

 

Results for the year ended 31 December 2022 will be published at the end of
March 2023.

 

Capital Markets Day

 

As previously announced, the Group will hold a virtual Capital Markets Day on
the 1 February 2023, starting at 2:00pm.

 

To join the live webcast of the event and Q&A session, please follow the
below link to pre-register:

https://stream.brrmedia.co.uk/broadcast/639a145edc1e125e33799601
(https://stream.brrmedia.co.uk/broadcast/639a145edc1e125e33799601)

 

A recording of the presentation will also be made available on the Company's
website after the event on:

https://www.xlmedia.com/investors/webcasts/

 

For further information, please contact:

 

 XLMedia plc

 David King, Chief Executive Officer                            ir@xlmedia.com (mailto:ir@xlmedia.com)

 Caroline Ackroyd, Chief Financial Officer                      via Vigo Consulting

 www.xlmedia.com (http://www.xlmedia.com/)

 Vigo Consulting                                                Tel: 020 7390 0233

 Jeremy Garcia / Kendall Hill

 www.vigoconsulting.com (http://www.vigoconsulting.com/)

 Cenkos Securities plc (Nomad and Joint Broker)                 Tel: 020 7397 8900

 Giles Balleny / Max Gould

 www.cenkos.com (http://www.cenkos.com/)

 Berenberg (Joint Broker)                                       Tel: 020 3207 7800

 Mark Whitmore / Richard Andrews / Alix Mecklenburg-Solodkoff

 www.berenberg.com (http://www.berenberg.com/)

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.

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