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XLMedia shares rise as it reports a sturdy H1 performance amid diversification

Last updated: 19:35 04 Jul 2017 AEST, First published: 18:38 04 Jul 2017 AEST

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In mid-morning trade, XLMedia shares were up almost 8%, or 10.25p at 138.50p

XLMedia PLC (LON:XLM) shares pushed higher in morning trading after the firm said it performed ahead of management expectations in the first half of the year as recent acquisitions continues the group's diversification from gambling.

In mid-morning trade, XLMedia shares were up  almost 8%, or 10.25p at 138.50p.

In a trading statement, the AIM-listed firm said it "continued to execute on its strategy of diversifying its revenue streams and has delivered strong organic growth across all business verticals within the Group."  

XLMedia announced two purchases in its first half, namely,  Clicksmob, a mobile performance marketing platform, and Greedyrates.ca, one of Canada's leading credit card comparison websites. The group said today that both purchases are performng in line with expectations.

It added that the acquisition of US cyber security comparison website, Securethoughts.com - unveiled last week - will also add further diversification to its business.

The company pointed out that it derived 57% of its revenues from gambling in the first half, down from 70% a year earlier, with the remaining 43% coming from non-gambling 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," it said.

 

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