Tech investment drives "record" XLMedia H1 revenues
Performance marketing firmâs revenues up 31% to $51.2m after ploughing $2.2m into its technology capabilities
XLMedia has reported a 31% year-on-year rise in H1 revenues as the egaming performance marketing firm reaped the rewards from its investment in technology.
The AIM-listed firm recorded “record” revenues of $51.2m for the six months ended 30 June, up from $36.8m last year, while gross profits were also up 47% to $27m.
The strong revenue growth was boosted by a $2.2m technology investment during the six-month period, as well as a number of bolt-on acquisitions and geographic diversification.
One third of revenues were derived from Scandinavia, 25% from other European countries and 21% from North America.
“During the first six months of the year we continued to develop the business and invest in our technology platform and mobile capabilities, which further underpin our key revenue and profit driver,” XLMedia CEO, Ory Weihs, said.
“We believe we have established a strong foundation which, combined with our technology investments, we expect will drive the business to maximise the growth opportunity we see across our markets.”
XLMedia also announced it has opened a new US subsidiary which will focus on increasing the company’s business in mobile apps and additional non-gambling verticals.
“US mobile advertising growth is accelerating, and presence in this important territory will drive our growth in mobile apps and additional verticals,” Weihs added.
Earlier this year XLMedia ruled out a potential sale of the firm after the conclusion of its strategic review recommended it maintained its position as a listed independent company.