27 April 2021 | 08:02am
StockMarketWire.com - Digital performance publisher XL Media posted a modest annual profit as falling revenue was offset by a drop in impairment costs.
Pre-tax profit for the year through December amounted to $1.11 million, compared to year-on-year losses of $57.7 million.
Revenues dropped to $54.8 million, down from $79.7 million, after a Google search ranking penalty was incurred in January on over 100 casino websites.
The company added that Covid-19 measures impacted sports events globally and reduced activity in financial services.
XL Media said it continued to expect a 'material' improvement in revenue in 2021.
'Completing the transformation of the business, including the overhaul of the systems supporting it and delivering the long-term operating structure to maximise growth will involve further significant investment in 2021,' chief executive Stuart Simms said.