- 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.

'Notwithstanding this, our level of confidence in the business performance and recovery continues to grow and we have entered 2021 with positive momentum, which we expect to lead to revenue materially ahead of the previous year.'

At 8:02am: [LON:XLM] XLMedia Plc share price was 0p at 33.75p

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