XL Media revenue fell sharply in 2023 as the advertising group’s North American declined heavily.
Group revenue for the year sank to $50m from $70m, a decline of 70%. The decline in revenue game despite expanding its footprint to additional states during the period.
The poor sales performance ultimately hit profits and adjusted EBITDA dropped 36%.
The company disposed of a number of website during the year and will focus on costs going forward as the top line disappoints.
“Following the announcement of the sale of the Europe Sports and Gaming business on 1 April 2024, we are focused on driving organic revenues in the North America market, while continuing both to expand our footprint in preparation for new state launches when they happen, while also right sizing the Group’s cost base for 2025,” said David King, Chief Executive Officer of XLMedia.
