XLMedia Plc has notified investors that it has completed the full divestment of its personal finance portfolio, marking its exit from all non-core business activities.
This morning, XLMedia said it had completed selling its MoneyUnder30 domain to Northern Lights Media for $675,000 (€630K).
The transaction follows the recent sale of finance domains Junkie, Greedy Rates and Young and Thrifty to MPD Media for $1.3m (€1.2m).
The London AIM media publisher announced that “together with the sale of DoughRoller and previously announced disposals, realised a total cash consideration of $2.05m.”
In 2022, the personal finance assets had generated revenue of $1.9m but an EBITDA loss of $1.3m.
XLMedia will now focus on its sports and gaming business, planning to expand its North American sports footprint and develop its European sports portfolio and gaming assets.
H1 trading saw XLMedia notify investors of a slower start to 2023 due to period comparatives skewed against 2022’s developments.
An H1 slowdown is attributed to a stagnant US calendar compared to 2022, which saw US wagering launches in New York and Massachusetts in which its media network has noted a decrease in acquisition spending by operators, leading to fewer promotional activities to attract new customers.
Trends reflect the current growth pattern in US wagering, characterised by intermittent spikes tied to individual state launches.
Despite the short-term outlook, XLMedia is optimistic about a market rebound in the latter half of 2023 as Group Leadership anticipates a rebound in the US market in the second half of the year with new product launches ahead of the new NFL season.