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XLMedia PLC said on Tuesday it more than tripled its pretax profit in 2021 and noted a revenue rise on the back of growth in North America.
Shares in XLMedia were up 6.7% at 30.30 pence on Tuesday midday in London.
The London-based digital publishing company said its pretax profit surged to $4.0 million in 2021 from £1.1 million the previous year.
Revenue rose 21% in the year to $66.5 million from $54.8 million. XLMedia said this was driven by growth within the North American Sports vertical, which more than offset the anticipated revenue fall in its Casino vertical.
XLMedia explained that growth in the North American Sports area was driven by its acquisitions and the ongoing legalisation of sports gambling across the US.
The Sports vertical generated revenue of $31.4 million, up significantly from $11.3 million the previous year. While its European Casino assets revenue fell 27% to $23.2 million from $31.7 million.
XLMedia said trading in 2022 is currently in line with expectations and noted a ‘strong’ start for the North American Sports vertical in particular.
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