Shares in XLMedia fell on Thursday as the company reported a decline in first-half revenue and earnings. However, the company still expects its adjusted earnings to meet management expectations.

At 08:42 GMT, shares were down by 0.75 pence, or 7.5%, at 9.25 pence. Earlier in the session, they had fallen as much as 15%.

XLMedia, a digital media company, stated that its first-half total revenue was approximately $29.4 million, which is a decrease from $44.5 million in the previous year. Adjusted earnings before interest, taxes, depreciation, and amortization also declined to around $6.5 million, compared to $10.6 million previously.

The company attributed this performance to the timing, number, and scale of new state launches in the U.S., specifically highlighting the operator marketing activity surrounding the launch of online sports betting in New York in January 2022, which was not repeated to the same extent for the Ohio launch in January.

However, XLMedia emphasized that momentum was growing as part of its strategy to diversify revenue. It reported new growth across its core assets in Europe in both Gaming and Sport, in contrast to the U.S.

The company mentioned that its full-year adjusted EBITDA remains in line with management expectations after adjusting for the sale of three European Casino Assets, although it did not provide a specific figure.

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