XLMedia ahead of expectations in first half

Performance marketing provider XLMedia updated the market on its first-half trading to 30 June on Tuesday, with the group reportedly trading ahead of management expectations for the period.

The AIM-traded firm said it continued to execute on its strategy of diversifying its revenue streams, and delivered “strong” organic growth across all business verticals within the group.

“The board was pleased to announce two acquisitions during the period, the first being Clicksmob, a mobile performance marketing platform, and the second, Greedyrates.ca, one of Canada's leading credit card comparison websites,” the directors said in their statement.

“Integration of both acquisitions is progressing according to plan with both acquisitions performing well and in line with management expectations.”

In addition, the recently announced acquisition of Securethoughts.com - a US cyber security comparison website - would add further diversification and US presence to the group, the board claimed.

Currently, the group derives 57% of its revenues from gambling, down from 70% in the first half last year, with the remaining 43% coming from non-gambling verticals including gaming, mobile applications, software, utilities, e-commerce and finance.

“The board believes this is yet further evidence of the group successfully delivering on its strategy to continue to diversify revenue sources, and accordingly the board remains extremely confident in the performance of the business.”

XLMedia said it expected to announce half year results for the six months to 30 June during September.