StockMarketWire.com - Marketing services group XLMedia swung to a full-year loss after it wrotedown the value of its assets following the demotion of its casino websites by Google.

XL Media said it would not be recommending a dividend or share buyback programme for the foreseeable future.

Pre-tax losses for the year through December amounted to $57.7m, compared to a profit of $36.1m on-year.

The figures included an impairment loss of $81.4m, which the comapny said followed an independent review of recorded asset values and the demotion by Google in January.

Revenue fell 15% to $79.7m.

XL Media said it remained optimistic that a number of its premium sites would be re-ranked by Google and fully operational during the second half.

The Covid-19 crisis was having a negative impact on its sports and personal finance divisions but was likely to benefit the casino division, it added.




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