XLMedia has unveiled its interim results for the first half of 2018 (six month period ending 30 June), detailing that a string of acquisitions will allow the firm to hit annual targets its has previously forecasted.
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.
Updating investors, Ory Weihs, Chief Executive Officer of XLMedia, commented: “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.”
The group also maximised its mobile platform to strengthen its presence in the Asian market. Further outlining its ambition for expansion and growth, it has also revealed it’s preparing to launch into the US.