XLMedia expects FY22 revenue of $73.7m in latest trading update

Updated:2024-03-20 09:00    Views:136

Such results include revenue of approximately $73.7m, compared to $66.5m in the prior-year period, and adjusted EBITDA in the range of $16.1m to $16.6m.

The group noted that revenue from Sports and Gaming was up 27% from $54.6m in 2021 to $69.6m in 2022, with adjusted EBITDA from these core activities of approximately $17.5m to $18.0m.

The company’s Sports vertical delivered a “strong performance” during the year, with revenues climbing 72% year-on-year to $54m, amid the legalisation of online sports betting in New York and Maryland in January and November 2022 respectively.

The company now has North American coverage across 18 states, including Ohio which went live earlier this month, with Massachusetts expected to go live with online sports betting in March. XLMedia’s casino and bingo Gaming assets, meanwhile, generated revenue of approximately $15.6m in the period.

Cash balances for FY22 are expected to be approximately $10.8m,bingo games compared to $24.6m in 2021, with XLMedia having paid $21.4m in deferred acquisition and earnout payments during 2022.

And finally, FY22 non-core revenues of $4.1m – compared to $11.8m in FY21 – included Personal Finance revenue of $1.9m, compared to $8.7m in 2021. Last month, XLMedia announced that it was exploring the potential sale of all Personal Finance assets, a process that remains ongoing, with further announcements on progress to be made as and when appropriate.

Also in December 2022, XLMedia agreed a new partnership with Newsweek, which will see it provide the latter with exclusive sports betting content.

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