XLMedia PLC Transformation Update (3682M)
11 Mayo 2020 - 1:00AM
UK Regulatory
TIDMXLM
RNS Number : 3682M
XLMedia PLC
11 May 2020
11 May 2020
XLMedia PLC
("XLMedia," the "Group" or the "Company")
Transformation Update
XLMedia (AIM: XLM), a leading provider of digital performance
marketing services, provides the following update regarding the
Company's ongoing transformation programme and announces
appointments to the Group's executive management.
As outlined in XLMedia's full year results published on 22 April
2020, the Company is focusing on the following near-term investment
priorities, which are to:
-- Enhance the Group's operating model to support and foster growth;
-- Harness data and programmatic learning to create compelling consumer experiences;
-- Expand its US sports and personal finance footprint through
investment in infrastructure and resource alongside select
acquisitions; and
-- Utilise XLMedia's expertise and experience to grow existing
business verticals into new markets.
In support of executing the Group's new strategy based around
Quality over Quantity, management have now concluded a review of
its core functions and associated headcount. As a result,
management have identified a number of functions and roles which
could be streamlined as the business seeks to leverage both
automation and outsourcing, whilst also gravitating towards
increased editorial. It is anticipated that these measures will
deliver in excess of $5m of annualised savings for the Group in the
current financial year, with the 2020 savings largely being offset
by investment as listed above.
As part of the Company's transformation programme, Sarah Clark,
who joined XLMedia in February 2020 as Chief Transformation
Officer, has been appointed full-time Chief Operational Officer,
focusing on building the strategy function (specifically portfolio
management), evolving the shared services model whilst continuing
to drive operational efficiencies across the business.
In addition, Xen Lategan has been appointed as an interim
technology consultant. Xen is an experienced technology executive,
specialising in digital media, publishing and eCommerce having
previously held positions at Microsoft and Google. More recently
Xen was CTO for News International where he led the roll-out of its
new digital teams, platforms and consumer channels. His primary
focus has been to support the re-platforming of the de-ranked sites
and oversee the re-organisation of the technology group.
Stuart Simms, Chief Executive Officer of XLMedia, commented:
"I joined XLMedia with the clear intention to orientate the
Company towards a balanced portfolio of premium branded sites, in
verticals and markets that deliver sustainable revenue growth. To
support this transformation, we have been working diligently to
augment our leadership team and operating structure, as well as to
right-size the resources required for our business to operate most
efficiently."
"Our transformation plan continues to gather momentum, and I am
pleased to share our progress with all our major stakeholders,
alongside welcoming new talent to the business."
The information contained within this announcement (the
"Announcement") is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation (EU)
No. 596/2014. Upon the publication of this Announcement via a
Regulatory Information Service, this inside information is now
considered to be in the public domain.
XLMedia plc Stuart Simms, Chief Executive Via Vigo Communications
Officer Iain Balchin, Chief Financial
Officer www.xlmedia.com
Vigo Communications Jeremy Garcia www.vigocomms.com Tel: 020 7390 0233
Cenkos Securities plc (Nomad and Joint Tel: 020 7397 8900
Broker) Giles Balleny / Max Gould www.cenkos.com
Berenberg (Joint Broker) Chris Bowman Tel: 020 3207 7800
/ Mark Whitmore / Simon Cardron www.berenberg.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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May 11, 2020 02:00 ET (06:00 GMT)
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