SBC News Voice of the Sports Betting Industry
The board of XLMedia has announced that Caroline Ackroyd has notified the board of her intention to resign as Chief Financial Officer (CFO) of the London AIM iGaming media publisher.
Updating investors, XLMedia informed that Ackroyd will maintain CFO duties until 31 March 2024 to assist the executive leadership team with an orderly transition.
Ackroyd has served as XLMedia’s CFO since 2022, having joined from financial data services provider Jaywing Plc.
The board of XLMedia has initiated an immediate search to find a new CFO and will update shareholders at an appropriate time.
Marcus Rich, Chair of XLMedia, commented: “Caroline has made a considerable contribution to XLMedia over the past two years. On behalf of the Board, I would like to thank her for this and offer her our best wishes for the future.”
In 2023, XLMedia completed its corporate reorganisation, which included concluding the sale of all non-core media assets to focus solely on iGaming media activities. Downsizing its media portfolio, XLMedia declared a 14% reduction in its corporate headcount.
XLMedia’s latest financial results detailed a 33% decline in revenues generated from ‘continued business’ to $28m. The firm’s EBITDA also fell by 19% from $12m to $7m.
However, streamlined benefits saw XLMedia report a nine-fold jump in profits from $500,000 to $4.5m. CEO David King stated that XLMedia continues to seek North American opportunities to expand its business in the lucrative sports wagering media market.
