- Marketing company XLMedia scrapped its dividend and said it was continuing to work with Google to understand a fall in the ranking of 107 of its websites.

The sites that had been demoted by Google were predominantly in the online casino vertical.

XLMedia said it expected its revenues for demoted 'tier 1 and tier 2 sites' to fall by between $1m and $2m.

The removal or de-indexing of 'tier 3 and tier 4 sites', and the reduction in non-core activities, was expected to have a further revenue impact of $3m-to-$5m.

'As a number of these actions were included in the group's proposed strategic changes, some of the associate costs were budgeted for during the period which will reduce the full impact on earnings,' XL Media said.

However, it added: 'While currently under review and subject to confirmation with the group's auditors, it is expected that these issues will result in a revaluation of the company's assets and incur an impairment charge.'

'In order to accelerate a number of strategic initiatives, alongside evaluating potential acquisition opportunities, no final dividend is proposed for the 2019 financial year, with no dividend expected to be proposed until further notice.'

At 9:46am: [LON:XLM] XLMedia Plc share price was -8.25p at 25.5p

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