XLMedia says no reason for recent share price moves

XLMedia said on Wednesday that it is not aware of any operational or corporate reason for the recent moves in its share price.

The AIM-listed company, which provides digital performance marketing services, said it continues to trade in line with market expectations for the year ending 31 December 2018. In addition, it has a "material" cash balance and continues to generate "strong" cash flows from operations.

"The company's strategy remains to grow the business both through organic and acquisitive growth," it said.

Last month, XLMedia posted a drop in half-year revenue and pre-tax profit amid a backdrop of regulatory pressures and challenging market conditions in the online gambling sector. However, it said it was starting to see positive signals and expected to meet full-year expectations.

At 1435 BST, the shares were down 3.5% to 77.95p.