Issuing its interim results, affiliate marketing specialists XLMedia have outlined ambitions to grow into the US market.
US growth forms part of the firm’s continued expansion plans, as it also aims to further utilise its mobile platform to strengthen its presence amongst Asian gaming sector.
Updating investors, the firm has made various acquisitions, that will position it to reach annual targets its had previously forecasted.
However, as a result of its ongoing acquisitions strategy and tougher regulatory conditions for incumbents, XLMedia’s gross profit amounted to $33.5 million, a slight decrease on the corresponding period which it reported $35.2 million in revenue.
In addition, group EBITDA reached $20.9 million, which was a decrease in corresponding 2017 results of $22.8 million.
Ory Weihs, Chief Executive Officer of XLMedia, stated: “The Group produced a solid profit performance in the first half, albeit against a backdrop of regulatory pressures and challenging market conditions in the online gambling sector. However, we are now seeing positive signals and expect to meet profit expectations for the full year.
“Since the beginning of this year, we have been focusing on implementing our strategy and executing acquisitions in order to accelerate growth, allocating over $45 million of capital for acquisitions. Our newly acquired assets perform as expected and we are confident they will deliver a strong return.”
The firm’s acquisition portfolio which included Leading Finnish gambling related informational websites and WhichBingo.co.uk, totalled to $45.8 million.
Weihs stated after the bingo acquisition: “We are delighted to have acquired such a well-regarded UK brand. WhichBingo fits perfectly into our strategy of acquiring high-quality assets across regulated markets.
“We continue to see a healthy pipeline of acquisition opportunities as we seek to both strengthen and broaden our market reach during 2018.”
