Global publisher and affiliate XLMedia has provided a trading update for the first six months of 2021, showing the group made $32m.
The $32m in revenue is a 15% year-on-year increase from the $27.7m revenue achieved during the first six months of 2020, when businesses were facing setbacks from the pandemic.
Howeverm EBITDA decreased year-over-year to $2.9m from $3.5m. But adjusted EBITDA managed to grow slightly from $5.1m to $7m.
The affiliate says cash balances remained “strong” as, by the end of June 2021, they were around $38m.
Overall, the company says it has made “good progress in the current financial year,” which was brought on by consistent performance in the personal finance vertical.
In addition, during the first half of the year, the group reported record organic growth in the European Sport vertical and says the recently acquired US Sports vertical has made a “positive impact.”
According to XLMedia, the US Sports vertical is “well-placed to benefit from the US sports season in H2 2021;” the group reported increased levels of traffic across all sites since the acquisition.
In a statement, XLMedia said: “Management is accelerating the move to reorganise the company by vertical markets, supported by a distributed shared services model.
“This will allow XLMedia to better match the design of the group with its strategic intentions and more effectively execute and deliver them. This process is particularly relevant to the casino vertical which continues to generate lower levels of both historic and new player revenues.”
The company estimates that revenue for the full year 2021 will be between $65m and $70m.
XLMedia's Jason Ziernicki recently spoke exclusively to Gambling Insider about Olympics betting.