Ackroyd resigns as CFO of XLMedia – personnel change

Sister company XLMedia has announced that Caroline Ackroyd will step down from her position as chief financial officer.

Ackroyd will leave the company on March 31. She is stepping down as CFO of XLMedia to take a position with an operator in the gaming sector.

Ackroyd has served as CFO of the affiliate business since March 2022. She was appointed to the position in November 2021, but did not assume the position until several months later.

Before joining XLMedia, Ackroyd worked as CFO at Jaywing. She also served as CFO for Push Doctor from November 2018 to September 2020.

These two positions marked a three and a half year gap between roles in the gaming industry.

From January 2015 to November 2018, Ackroyd worked at Sky Betting & Gaming. Here she worked as a financial advisor and deputy finance director. This was her second stint with the company, having also served as deputy finance director earlier in her career.

In addition, Ackroyd served as Finance Director for Coral between June 2012 and October 2014.

XLMedia will now begin the search for a replacement.

“Caroline has made significant contributions to XLMedia over the past two years,” said XLMedia Chairman Marcus Rich. “On behalf of the board, I would like to thank her and wish her all the best for the future.”

XLMedia predicts a decline in sales and profits

The news comes after XLMedia said last month that revenue for 2023 would be below previous years’ expected revenue. This is primarily due to deficits in North America.

Group revenue for the full year is now expected to be between $50m (£39m/€46m) and $52m. XLMedia reported revenue of $73.7 million in 2022 and $66.5 million in 2021.

Meanwhile, adjusted EBITDA for the 12 months ended December 31, 2022 will be between $12 million and $14 million. This would be down from $16.7 million in 2022 and $17.9 million in 2021.

The update caused XLMedia’s share price to fall by 23%. The 5.86p reported following the announcement was the highest since the company’s IPO in 2014. Shares were trading at 8.02p at the close yesterday (January 10).

Plans to sell the entire company have been put on hold

XLMedia’s board also said in the same statement that it would not pursue the sale of the company. This came after discussions with potential applicants failed to progress.

XLMedia said a comprehensive review focused on creating shareholder value has led to discussions with interested parties about the sale of assets and the company as a whole.

The group has already sold a number of business assets last year. This included the sale of three European-facing casinos for $4.0 million in July.

XLMedia said there was demand to buy the company given the low share price. However, the group added that a sale of the entire company was unlikely to create the most value for shareholders. Therefore, it was said that no discussions were underway in this regard.

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