XLMedia announces FY2022 results, 11% increase in total revenue
Affiliate XLMedia has released its audited results for FY2022.
Following a year of expanding its reach across the US, and operating in 19 states, XLMedia can report that its operating profit from continuing operations increased by 364% in 2022.
Revenue from continuing operations was $71.8m, compared to $57.8m the year prior.
In December 2022, XLMedia announced it would exit the personal finance sector. For this reason, the Personal Finance segment is classified as discontinued in the report.
Total revenue from discontinued operations stands at $73.7m, an increase of 11%.
The core business activities were also reported to show a 27% growth, up to $69.6m.
When adjusted EBITDA was accounted for, a 25% increase in core business was found.
XLMedia restructured a few different areas of business in 2022. Both the European Gaming and Sports division and US operations had one layer of management removed.
The US operations also integrated the sports betting and media assets it had acquired in 2021.
Three new partnership agreements were signed in the US, including Newsweek, Cleveland.com and Masslive.com.
XLMedia also made three executive team appointments in 2022.
These were Caroline Ackroyd as Chief Financial Officer, Marcus Rich as Chairman and David King as CEO.
King said: “2022 has been an important year for refocusing the business and I’m pleased with the progress we have made.
“Whilst still early into the new year, I’m confident XLMedia is in a stronger position as a result of the actions we took and I look forward to updating on our continued progress in 2023.”
A few weeks ago, XLMedia spoke to Gambling Insider about its future plans in the US affiliate market.
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