XLMedia's CFO Caroline Ackroyd to Resign

Caroline Ackroyd, who has been serving as the Chief Financial Officer (CFO) of XLMedia, has recently revealed her decision to step down from her role in the company. Ackroyd's resignation is scheduled to take effect on 31st March as she embarks on a new venture within the gambling sector.

Ackroyd initially assumed the role of CFO at XLMedia in March 2022, although her appointment to the position was confirmed in November 2021, with a brief waiting period before officially joining the company.

Before her tenure at XLMedia, Ackroyd held the position of CFO at Jaywing, and she also served as CFO at Push Doctor from November 2018 to September 2020. Notably, these two positions marked a gap of three-and-a-half years in her career within the gambling industry.

Between January 2015 and November 2018, Ackroyd worked at Sky Betting & Gaming as a finance consultant and deputy finance director. She had previously held the role of deputy finance director at the same company earlier in her career. Additionally, she served as the finance director for Coral from June 2012 to October 2014.

In light of Ackroyd's departure, XLMedia has initiated the process of searching for her replacement. Marcus Rich, the Chair of XLMedia, expressed gratitude for Ackroyd's substantial contributions to the company and extended his best wishes for her future endeavors.

This development follows XLMedia's recent announcement regarding a projected decrease in revenue for the year 2023, primarily attributed to shortfalls in North America. The company now anticipates full-year revenue to range from $50 million to $52 million, down from $73.7 million in 2022 and $66.5 million in 2021. Similarly, adjusted EBITDA for the 12 months ending on 31st December 2022 is expected to be between $12 million and $14 million, lower than $16.7 million in 2022 and $17.9 million in 2021.

This announcement had a significant impact on XLMedia's share price, leading to a 23% decrease. The company's share price plummeted to 5.86 pence, the lowest since its inception in 2014, with shares closing at 8.02 pence on 10th January. Additionally, XLMedia revealed that it has abandoned plans to sell the entire company following unsuccessful discussions with potential buyers. The company had previously sold several business assets, including three Europe-facing casinos for $4.0 million in July. While there is interest in purchasing the business due to its low share price, XLMedia believes that selling the entire company may not be the most advantageous option for shareholders, and as a result, no ongoing discussions are being pursued in this regard.