Digital performance and marketing services firm XL Media has outlined to investors how it will focus its efforts on building a more comprehensive footprint across regulation markets, in addition to a growing presence in the financial services vertical in North America.

Following a successful year in which the firm realized a gross profit of $67.9m, XL Media has successfully managed to continue generating revenue from what it described as a “wide network of publishing assets”.

At this week’s Annual General Meeting, Non-executive Chairman Chris Bell, made the following statement: “The business continues to trade in line with management expectations with our focus firmly on increasing the group’s exposure to higher margin publishing activities as set out in February 2019.

“Over the past decade, the group has both created and acquired a leading portfolio of assets in the publishing division. We are now focusing our efforts to fully leverage this core expertise to build a more comprehensive footprint across regulated gambling markets, in addition to our growing presence in the financial services vertical in North America.”

He added: “XLMedia continues to be a highly cash generative business with a strong cash balance. Therefore, the board continues to evaluate the group’s allocation of capital policy in order to both support our growth ambitions and to maximize shareholder value.

“As a consequence of the current weakness in the company’s share price and pending approval at today’s AGM granting the company authority to buy shares, we intend to continue the share buyback program that was initiated in December 2018. I would also like to reiterate our commitment to maintaining a progressive dividend policy.

“We also continue to evaluate selective publishing acquisition opportunities, which could potentially accelerate earnings growth. We appreciate the ongoing support of our shareholders and remain focused on delivering on our full year numbers for 2019.”