Shares in London-listed digital marketing company XLMedia were up nearly 10 per cent earlier today, after it issued a positive half-year trading update.
The group, which owns more than 2,000 informational websites, said it had successfully diversified revenue streams through the acquisition of new sites. These bolstered income made by driving online traffic to operators.
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Ory Weihs, CEO of XLMedia, commented “We continue to demonstrate our ability to diversify the business whilst integrating new channels, verticals and geographies."
Additions to the company's portfolio this year include mobile performance marketing platform Clicksmob and Canadian credit card comparison site Greedyrates. This marks a move away from a portfolio dominated by gambling sites, which last year accounted for 70 per cent of the group's income, but now make up 57 per cent.
XLMedia has even moved into the world of cyber security with the acquisition of US cyber security comparison site Securethoughts.com for $2m (£1.55m)
Analysts at Berenberg now expect the company to bring in sales of $138m (£106.74m) by the end of the year, compared to $104m in 2016. Cenkos upgraded its forecast by 3 per cent to $133.5m (£103.33m).