XLMedia plc (GB:XLM) has released an update.
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XLMedia PLC, a digital media company in the sports and gaming sector, reported a challenging financial year for 2023 with revenues from continuing operations dropping to $50.3 million, a 29% decrease from the previous year. Despite a loan-free status and cash reserves of $4.8 million, the company faced an operating loss of $44.9 million, primarily due to a non-cash net impairment charge. However, XLMedia saw growth in its Europe Sports vertical and completed strategic sales of non-core assets, including its Europe and Canada assets for a potential total of $42.5 million, suggesting a strategic refocus on the North American market.
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