XLMedia completes disposal of personal finance assets

Finance News

XLMedia a leading global digital media company, today announces that it has sold the domain and website, MoneyUnder30, for $675,000.

This now completes the disposal of the Group’s entire Personal Finance asset portfolio which, together with the sale of DoughRoller and previously announced disposals, realised a total cash consideration of $2.05 million(the “Disposals”). The cash generated from the Disposals will be utilised in the day-to-day operations of the business.

As previously stated, the Disposals are in line with the Company’s strategy to exit non-core activities, and focus on the Group’s Sports and Gaming divisions. The Group continues to drive expansion of its North American Sports footprint, and is refining and developing its EU Sports portfolio and Gaming assets in selected markets, including the US.

In the year ended 31 December 2022, the assets relating to the Personal Finance division generated revenues of $1.9 million and EBITDA loss of $1.3 million.

The Personal Finance assets owned by XLMedia Publishing Limited and Webpals Systems SC Limited, subsidiaries of XLMedia plc, were excluded from continuing operations as disclosed in the Company’s year ended 31 December 2022 results and have no impact on earnings in the current financial year.

Following the sale of MoneyUnder30 to Northern Lights Media, the sale process is complete.