XLMedia Chief Financial Officer Caroline Ackroyd is set to resign from her position, with her departure from the affiliate business scheduled for 31 March. Ackroyd, who has been in the role since March 2022, will be leaving to take up a position with a gambling sector operator.
Before joining XLMedia, Ackroyd worked as CFO at Jaywing and also held the same position at Push Doctor from November 2018 to September 2020. She also had previous experience in the gambling industry, having worked at Sky Betting & Gaming as a finance consultant and deputy finance director from January 2015 to November 2018, with a previous spell as deputy finance director earlier in her career. Additionally, Ackroyd served as finance director for Coral from June 2012 to October 2014.
XLMedia will now begin the process of finding a replacement for Ackroyd. Marcus Rich, Chair of XLMedia, recognized Ackroyd’s contributions to the company and offered her best wishes for the future.
The news of Ackroyd’s resignation comes after XLMedia announced a predicted drop in revenue and earnings for 2023, with expected full-year group revenue to be in the range of $50m to $52m, lower than the $73.7m reported in 2022 and $66.5m in 2021. Adjusted EBITDA for the 12 months to 31 December 2022 is expected to be between $12m and $14m, lower than the $16.7m in 2022 and $17.9m in 2021. The announcement of these results led to a 23% drop in XLMedia’s share price.
In addition to the financial news, XLMedia also stated that it will not pursue the sale of the company after talks with potential suitors failed to progress. The company had been in discussions with interested parties about the sale of assets and the company as a whole, but ultimately decided that a sale of the whole company is unlikely to create the most value for shareholders. This decision comes after XLMedia disposed of a number of business assets over the last year, including the sale of three Europe-facing casinos for $4.0m in July. Despite interest in buying the business due to its low share price, XLMedia stated that no discussions were ongoing in relation to a sale of the whole company.