TIDMXLM
RNS Number : 0751U
XLMedia PLC
26 March 2019
The following is a correction to the preliminary results
announcement of results for the year ended 31 December 2018
announced at 7 a.m. today (RNS no: 9548T). The changes relate to
minor errors in certain numbers contained in the tables and notes
of the financial statements, but no changes have been made in the
highlights section of the announcement and all numbers remain
correct in that section. Nor have any changes been made to the
Report from the Chairman and CEO or the Report from the CFO. These
errors have been corrected in the preliminary results for the year
ended 31 December 2018 set out below.
For immediate release 26 March 2019
XLMedia PLC
("XLMedia" or the "Group" or the "Company")
Results for the year ended 31 December 2018
Improved profitability in H2 2018 underpins strategic pivot to
higher margin publishing activities
XLMedia (AIM: XLM), a leading provider of digital performance
marketing services, announces the Company's results for the year
ended 31 December 2018.
Financial highlights
-- Revenues decreased 14.4% to $117.9 million (2017: $137.6 million)
o Impacted by operational challenges in 2018, with a proactive
shift to higher margin activities and sustainable revenue growth
going forward
o Publishing revenues grew 4.6%, media revenues decreased 29%,
other revenues decreased 41%
-- Gross profit decreased 7.1% to $67.9 million (2017: $73.1 million)
o Improved gross profit in H2 2018 versus H1 2018, with gross
profit up 2.7% to $34.4 million
o Publishing division profit increased 3% to $51.7 million
(2017: $50.3 million),
o Media segment adjusted(1) profit, decreased 23% to $15.3
million (2017: $20.0 million)
-- Adjusted EBITDA(2) decreased 6.9% to $43.9 million (2017: $47.1 million)
o Improved adjusted EBITDA(2) in H2 2018 versus H1 2018 - up
9.8% to $23 million, with a greater proportion of revenues
generated from higher margin publishing activity
-- Adjusted(1) profit before tax decreased 10.8% to $35.1 million (2017: $39.3 million)
-- Loss of $9.9 million relating to media activity reduction
-- Declared final dividend of $8.4 million equivalent to 4.0182
cents per share to be paid in Pound Sterling (3.0419 pence per
share), a total of 7.0222 cents per share for the year (2017:
7.7331 cents per share)
-- Strong balance sheet with $41.1 million working capital and
total equity of $166.8 million, representing 85% of total assets
(2017: $33.8 million working capital, $116.4 million equity)
-- Cash and short-term investments at 31 December 2018 were
$47.6 million (31 December 2017: $43.3 million)
-- Adjusted(1) earnings per share decreased 9% to $0.13 (2017: $0.15)
Operating highlights
-- The Group to increase its focus on higher margin Publishing
division, with an emphasis on its core product verticals - gambling
and personal finance
-- Business continues to recover from adverse impact of gambling
regulation uncertainty in specific territories, website ranking
issues impacted by spamming and other attacks on key publishing
assets, which impacted performance in 2018
-- Ongoing investment in technology to strengthen the Company's
publishing platform, as well as compliance, data aggregation and
analysis
-- The Group's nascent personal finance business continues to
grow and has increased its presence in the North American markets,
with 6% of overall revenues now derived from this vertical (2017:
2%) This is expected to grow in 2019.
2019 Outlook
-- Continue to strengthen the Group's publishing assets
o Growth through organic development and acquisition, with
internal development plans for personal finance market and gambling
networks over the next three years
o Completing the integration of recently acquired assets
o Continue to work on the recovery of rankings for key
publishing assets
o Capitalise on the Group's existing footprint across the North
American Personal Finance markets
o Ongoing development within the online gambling segment in the
US
-- Actively reducing certain low margin media activities with a
focus on complementing publishing activities with media
skillset
-- Optimisation of internal processes and systems during 2019,
including leveraging remaining media activity across publishing
assets
-- Focus on regulated markets aligned with the Group's focus on
sustainable, high-quality earnings
Ory Weihs, Chief Executive Officer of XLMedia, commented:
"2018 has been a challenging year but our business is built on
strong foundations giving us the confidence to cease low margin
activities and concentrate on the higher margin Publishing
division, returning the business to growth.
"Looking ahead, the Group will be prioritising internal
investment across its publishing activity to further build its
asset base organically, in particular, in the North American
gambling and personal finance verticals. Whist we continue to
assess strategic acquisition opportunities, we anticipate the bulk
of our mid to long-term asset growth to come from organic asset
development.
"Our focus remains firmly on improving operational excellence
and further developing assets organically to maximise shareholder
value."
A webcast of our results presentation will be available on our
website later today:
https://www.xlmedia.com/investor-relations/webcasts/
XLMedia will be holding a presentation for private and retail
investors at 4.00pm on Thursday 28 March 2019. To register for the
event, please contact Vigo Communications on
xlmedia@vigocomms.com.
1 Excluding loss from media activity planned reduction
2 Earnings Before interest, Taxes, Depreciation, Amortization
and impairment loss from media reduction and adjusted to excluding
share-based payments
For further information, please contact:
XLMedia plc Ory Weihs, Chief Executive Via Vigo Communications
Officer Yehuda Dahan, Chief Financial
Officer www.xlmedia.com
Vigo Communications Jeremy Garcia / Fiona Tel: 020 7390 0233
Henson / Simon Woods www.vigocomms.com
Cenkos Securities plc (Nomad and Joint Tel: 020 7397 8900
Broker) Giles Balleny / Callum Davidson
www.cenkos.com
Berenberg (Joint Broker) Chris Bowman Tel: 020 3207 7800
/ Mark Whitmore / Simon Cardron www.berenberg.com
Chairman and Chief Executive Review
Introduction
XLMedia is a performance marketing company operating via two
principal marketing methods - publishing and media buying. Within
publishing, the Group owns a large portfolio of informational and
content rich websites globally which act as a conduit to channel
users to its clients, the majority of which address two key
verticals - gambling and personal finance.
As announced on 26 February 2019, the Group has proactively
elected to reduce certain parts of its Media activities which have
lower profit margins, reflecting an increasingly challenging
environment driven by heightened compliance and regulatory demands
in the gambling and digital marketing sectors. XLMedia's media
expertise will continue to support the Group's publishing
activities.
In the first half of 2018 our business faced a number of
unexpected headwinds, namely the impact of gambling regulation
uncertainty in specific territories and SEO performance issues
impacted by spamming and other attacks across a number of our key
publishing assets, as well as technical issues. While the recovery
of these assets has been taking longer than initially anticipated,
H2 2018 showed a 3% increase in revenues and 2% increase in profit
for our publishing division versus H1 2018. The Group has also
invested in improving our defences against future spamming or other
attacks on our assets.
The reduction of media activities will provide a greater degree
of certainty for the business and enable XLMedia to deliver
sustainable and profitable growth. Going forward, the Group's focus
will be on regulated markets across the gambling sector globally
and personal finance sector, particularly in North America.
As previously announced, these actions will lead to an expected
reduction in 2019 adjusted EBITDA(2) . However, these changes are
expected to deliver higher profit margins, more sustainable and
ultimately better quality earnings.
Financials
In the year to 31 December 2018, the Company delivered revenues
of $117.9 million (2017: $137.6 million) and adjusted EBITDA(2) of
$43.9 million (2017: $47.1 million), with the implementation of
efficiency measures underpinning stronger EBITDA margin in H2 2018
versus H1 2018.
The Company's adjusted(1) net profit decreased 3.6% in 2018 to
$30.7 million (2017: $31.9 million).
Publishing revenues increased 4.6% to $65.8 million (2017: $62.9
million), with the increase driven by acquisitions. Revenue
generated from XLMedia's nascent personal finance sector increased
to $7.3 million or 6% of group revenues (2017: 2% $3.3
million).
We expect our Publishing assets to deliver organic growth in
2019.
Media revenues decreased 29% to $47.1 million (2017: $66.4
million). The Company assessed its media activities and, as
announced on 26 February 2019, decided to reduce further media
activities where appropriate, thereby increasing the overall
quality of earnings over time. The reduction of Media activities
post period end resulted in a write off of the activities'
intangible assets, totalling $9.9 million.
Acquisitions
The Company has undertaken several publishing asset acquisitions
in the period totalling $47.3 million and included:
-- Leading Finnish gambling comparison assets for $18 million
-- A UK Bingo comparison site - WhichBingo.co.uk - for $10.5 million
-- A US personal finance website - investorjunkie.com - for $5.8 million
-- A network of US and Canadian personal finance assets
-- Additional bolt-on gambling assets
The integration of the acquired assets into the Group is
progressing as expected.
Going forward, the Company will seek to invest across the
business, focussing on the following areas:
-- Pursue growth opportunities in North America to both build
and develop a more comprehensive portfolio of online assets
-- Develop the Group's infrastructure to support the broader
portfolio of assets and evolution of the market
-- Ongoing expansion of the Group's publishing portfolio in
other regulated European gambling markets
-- Seek to acquire earnings accretive publishing assets
All new sites developed will help bolster the Group's asset
base, expanding and enhance its existing geographical
footprint.
Regulations
The gambling sector has been going through a period of
regulatory uncertainty in various territories, with some opening up
through regulation and taxation and other introducing stricter
regulations on advertising of products and enhanced enforcement.
Specific changes which have affected the Group are:
United States
XLMedia believes a key future growth vertical will result from
the opening of the US online sports betting market. In May 2018,
the US Supreme Court struck down a 1992 federal law that prohibited
most states from authorising sports betting. Following such
decision, various US States introduced, and others are in the
process of introducing, legislation that would regulate the market.
As such, the Group is building its portfolio of sites in this
vertical to fully leverage its expertise and capitalise on the
opportunity when the market is more widely active.
In terms of other forms of gambling in the US the position is
less clear. In a negative development, a legal opinion from the US
Department of Justice's Office of Legal Counsel issued in November
2018 and made public in January 2019 reversed a 2011 Department of
Justice opinion which a number of US States relied on to allow the
launch of online gambling and lottery operations. The Group
continues to monitor the situation closely as it develops while
preparing for activity where possible.
Europe - United Kingdom
In the UK, the sports betting market continues to perform
strongly while enhanced gambling advertising regulation and
policies continue to shape the market. The Group anticipates that
the increased regulation in this space will result in higher
quality of sustainable earnings going forward.
Effects of the increase of remote gambling duty from 15% to 21%,
which is expected to become effective in April 2019, will be
monitored by the Company.
Europe - Germany
In Germany, regulatory uncertainty caused by stalemate
surrounding the interstate gambling treaty impacted the Group.
Following a vote last week to extend the third interstate gambling
treaty, the Group will be monitoring the market and plans to invest
in growing its asset portfolio in the sports betting sector. The
Group believes the German sports market represents a medium-term
growth opportunity.
Europe - Sweden and other countries
The Swedish market has recently seen the introduction of
enabling regulation, which the Group believes presents a promising
blueprint from which to work. XLMedia currently has a number of
significant assets serving the Swedish market and will continue to
develop and adjust them to the new regulations.
The Group continues to seek opportunities to expand its presence
in other European countries which have already undergone
regulation, affording the Group greater visibility of market
conditions and quality of earnings.
North America - Personal Finance
The Group believes there is a significant market opportunity in
the personal finance vertical in the US and Canada where the online
marketing of personal finance remains relatively nascent. The Group
continues to assess the market's rapid development and evolution,
whilst also taking early advantage by establishing a strong
footprint of assets.
XLMedia is seeing good growth and traction from its existing
assets, which address a broad variety of personal finance
interests, including mortgages, credit cards, loans, bank accounts
and investments. The Group's activities in the personal finance
space are currently proportionally small compared to gambling, but
our approach continues to be to grow this offering and leverage our
publishing expertise while expanding beyond the gambling
vertical.
The Group continues to monitor regulations worldwide, responding
to changing regulatory environments and new compliance needs in the
gambling advertising sector and digital marketing. The Group aims
to build its asset portfolio across regulated markets globally in
both the gambling and personal finance sectors, by investing in
developing assets organically and acquiring selected targets.
Dividend and Share Buy back
On 18 December 2018, the Company instigated a share buyback
programme with repurchased shares being held in treasury. The
programme is being funded from the Company's existing cash balances
and will not affect XLMedia's existing dividend policy of paying
out at least 50 per cent of net profit. During the period from 18
December 2018 until 23 March 2019 the Company has repurchased 7.6
million shares for an aggregate sum of GBP5.0 million.
The net profit that has been used to calculate the proposed 2018
final dividend was adjusted for non-cash impairments. The Board is
declaring a dividend of $8.4 million or 4.0182 cents per share
payable in Pound Sterling (3.0419 pence per share) on 3 May 2019 to
shareholders on the register at the close of business on 5 April
2019. The ex--dividend date is 4 April 2019
Outlook
As we move through 2019, the Group will be seeking to invest in
existing sites and ensure we have strong base from which to build.
XLMedia will also create an even broader base of assets in its key
verticals of personal finance and gambling, within regulated
markets.
The decision to proactively cease the Group's involvement in
much of its Media activity will see the Group concentrate its
efforts on the higher margin Publishing business going forward.
Whilst there will be a short-term impact, the Board is confident
these steps will deliver higher profit margins with a much higher
quality of earnings in the medium and long term.
The Board is confident of the opportunity for the business going
forward and executing upon its strategy. It is therefore
maintaining its dividend policy, to pay out at least 50 per cent of
retained earnings by way of dividend, and will continue to
undertake its share buyback programme, with a view to reducing the
share capital of the Company and returning funds to
shareholders.
Chris Bell Ory Weihs
Non-Executive Chairman Chief Executive Officer
25 March 2019
Financial Review
'000 2018 2017 Change
--------- --------- -------
Revenues 117,866 137,632 -14%
========= ========= =======
Gross Profit 67,944 73,145 -7%
========= ========= =======
Operating expenses (32,257) (32,376)
========= ========= =======
Operating income 35,687 40,769 -12%
========= ========= =======
Adjusted EBITDA(2) 43,857 47,120 -7%
========= ========= =======
Adjusted(1) Profit Before
Tax 35,100 39,345 -11%
========= ========= =======
Loss from media activity (9,938) -
reduction
========= ========= =======
Profit Before Tax 25,162 39,345 -36%
========= ========= =======
In 2018, XLMedia revenues totaled $117.9m (2017: $137.6
million), reflecting a decrease of 14% compared to the previous
year, mainly driven by weaker media and affiliate activity.
Gross profit for 2018 totaled $67.9 million and gross margin was
58% (2017: $73.1 million, 53% gross margin), representing a 7%
decrease, proportionally lower compared to revenues due to an
increased in the margin.
Operating expenses for 2018 totaled $32.3 million (2017: $32.4
million), in line with 2017.
The Group has seen an increase in G&A and S&M expenses,
primarily attributable salary and share based payments, which has
been offset by a decrease in uncapitalized R&D expenses.
Adjusted EBITDA(2) for 2018 totaled $43.9 million or 37% of
revenues (2017: $47.1 million, 34%), a decrease of 7% to the
previous year.
Net finance expenses for 2018 totaled $0.6 million (2017: $1.4
million). Financial expenses recorded for loans interest of $0.5
million and other bank fees for $0.2 million net of finance income
of foreign exchange rate, including hedging, of $0.1 million.
Post year end, the Company decided to reduce some of its media
activities, resulting in a one-off, non-cash write-off of
intangible assets related to these activities, totaling $9.9
million.
Adjusted(1) profit before tax in 2018 totaled $35.1 million
(2017: $39.3 million), a decrease of 11%.
Net profit for 2018 totaled $20.8 million (2017: $31.9 million),
a decrease of 35%.
As at 31 December 2018, the Company had $47.6 million in cash
and short-term investments compared to $43.3 million 31 December
2017. The change in cash reflects $31.8 million provided by
operating activity, $54.1 million used for investing activity
(mainly for websites acquisitions totaling $47.3 million and
technology investment of $8.2 million), and $29.4 million provided
by financing activities, including $42.6 million capital raised in
January 2018. This was offset by dividend payments to shareholders
of $14.4 million and a net receipt of $2.0 million long term bank
loan.
Current assets as at 31 December 2018 were $69.2 million (31
December 2017: $67.1 million), and non-current assets were $127.3
million (31 December 2017: $87.4 million). The increase in
non-current assets is mainly attributable to investments in domains
and websites.
Total equity as at 31 December 2018 reached $166.8 million or
85% of total assets (2017: $116.7 or 76% of total assets). At the
end of 2018, the Group announced a buyback plan that had a marginal
effect in 2018.
Yehuda Dahan
Chief Financial Officer
25 March 2019
1 Excluding loss from media activity planned reduction
2 Earnings Before interest, Taxes, Depreciation, Amortization
and loss from media reduction and excluding share-based
payments
Consolidated Statements of Financial Position
As of 31 December
-------------------
2018 2017
--------- --------
USD in thousands
-------------------
Assets
Current assets:
Cash and cash equivalents 44,627 38,416
Short-term investments 2,996 4,861
Trade receivables 16,112 18,950
Other receivables 4,697 4,665
Financial derivatives 805 200
--------- --------
69,237 67,092
--------- --------
Non-current assets:
Long-term investments 633 681
Property and equipment 1,296 1,230
Goodwill 23,652 30,052
Domains and websites 92,053 45,762
Other intangible assets 9,146 8,585
Deferred taxes 99 862
Other assets 435 244
127,314 87,416
--------- --------
196,551 154,508
========= ========
As of 31 December
-------------------
2018 2017
--------- --------
USD in thousands
-------------------
Liabilities and equity
Current liabilities:
Trade payables 6,416 9,813
Other liabilities and accounts payable 6,967 10,972
Income tax payable 9,088 8,573
Financial derivatives 91 1,425
Current maturity of long-term bank loan 5,585 2,500
--------- --------
28,147 33,283
--------- --------
Non-current liabilities:
Long- term bank loans 1,380 2,500
Income tax payable - 1,825
Deferred taxes - 42
Other liabilities 248 201
--------- --------
1,628 4,568
--------- --------
Equity
Share capital *) *)
Share premium 112,224 68,417
Capital reserve from share-based transactions 2,590 1,227
Capital reserve from transaction with non-controlling
interests (2,445) (2,445)
Treasury shares (468) -
Retained earnings 54,623 49,167
--------- --------
Equity attributable to equity holders of
the Company 166,524 116,366
Non-controlling interests 291 291
--------- --------
Total equity 166,815 116,657
--------- --------
196,551 154,508
========= ========
*) Lower than USD 1 thousand.
Consolidated statements of profit or loss and other
comprehensive income
Year ended 31
December
----------------------
2018 2017
------------ -------
USD in thousands
(except per share
data)
----------------------
Revenues 117,866 137,632
Cost of revenues 49,922 64,487
------------ --------
Gross profit 67,944 73,145
Research and development expenses 1,358 4,474
Selling and marketing expenses 7,420 6,263
General and administrative expenses 23,479 20,208
------------ --------
32,257 30,945
------------ --------
Operating profit before impairment loss 35,687 42,200
Impairment loss (9,938) 1,431
------------ --------
Operating profit after impairment loss 25,749 40,769
------------ --------
Finance expenses (887) (2,113)
Finance income 300 689
------------ --------
Finance expenses, net (587) (1,424)
------------ --------
Profit before taxes on income 25,162 39,345
Taxes on income 4,387 7,474
------------ --------
Net income and other comprehensive income 20,775 31,871
============ ========
Attributable to:
Equity holders of the Company 19,818 30,323
Non-controlling interests 957 1,548
------------ --------
20,775 31,871
============ ========
Earnings per share attributable to equity
holders of the Company:
Basic and diluted earnings per share (in
USD) 0.09 0.15
============ ========
Consolidated statements of cash flows
Year ended
31 December
------------------------
2018 2017
----------- -----------
USD in thousands
------------------------
Cash flows from operating activities:
Net income 20,775 31,871
----------- -----------
Adjustments to reconcile net income to net cash
provided by operating activities:
Adjustments to the profit or loss items:
Depreciation and amortisation 6,503 4,501
Finance expense (income), net (1,577) 2,813
Income from sell of property (10) -
Impairment loss 11,038 1,431
Cost of share-based payment 1,667 419
Taxes on income 4,387 7,474
Exchange differences on balances of cash and
cash equivalents 954 (1,545)
----------- -----------
22,962 15,093
----------- -----------
Changes in asset and liability items:
Decrease (increase) in trade receivables 838 (1,875)
Increase in other receivables (509) (982)
Increase (decrease) in trade payables (3,397) 539
Increase (decrease) in other accounts payable (3,671) 286
Increase (decrease) in other long-term liabilities 47 (27)
----------- -----------
(6,692) (2,059)
----------- -----------
Cash received (paid) during the year for:
Interest paid (469) -
Interest received 196 17
Taxes paid (5,544) (4,154)
Taxes received 557 305
----------- -----------
(5,260) (3,832)
----------- -----------
Net cash provided by operating activities 31,785 41,073
----------- -----------
Year ended 31 December
------------------------
2018 2017
----------- -----------
USD in thousands
------------------------
Cash flows from investing activities:
Purchase of property and equipment (553) (388)
Proceeds from sale of assets and property 270 300
Payment for acquired business - (5,100)
Acquisition of and additions of domains, websites,
technology and other intangible assets (55,516) (16,160)
Short- term and long-term investments, net 1,735 (1,595)
----------- -----------
Net cash used in investing activities (54,064) (22,943)
----------- -----------
Cash flows from financing activities:
Dividend paid to equity holders of the Company (14,362) (15,505)
Share capital issuance, net of issuance costs 42,618 -
Acquisition of treasury Shares (468) -
Acquisition of non-controlling interests - (2,250)
Dividend paid to non-controlling interests (1,285) (1,804)
Exercise of options 976 1,205
Repayment of long and short-term liability (4,000) -
Receipt of long-term loan from bank 5,965 5,000
----------- -----------
Net cash provided by (used in) financing activities 29,444 (13,354)
----------- -----------
Exchange differences on balances of cash and cash
equivalents (954) 1,545
----------- -----------
Increase in cash and cash equivalents 6,211 6,321
Cash and cash equivalents at the beginning of the
year 38,416 32,095
----------- -----------
Cash and cash equivalents at the end of the year 44,627 38,416
=========== ===========
Notes to condensed consolidated financial statements
NOTE 1: GENERAL
The Group is an online performance marketing company. The Group
attracts paying users from multiple online and mobile channels and
directs them to online businesses who, in turn, convert such
traffic into paying customers.
Online traffic is attracted by the Group's publications and
advertisements and are then directed, by the Group to its customers
in return for mainly a share of the revenue generated by such user,
a fee generated per user acquired, fixed fees or a hybrid of any of
these models.
The Company is incorporated in Jersey and commenced its
operations in 2012.
Since March 2014, the Company's shares are traded on the London
Stock Exchange's Alternative Investment Market (AIM).
NOTE 2: OPERATING SEGMENTS
(a) General:
The operating segments are identified on the basis of
information that is reviewed by the chief operating decision maker
to make decisions about resources to be allocated and assess its
performance. Accordingly, for management purposes, the Group is
organised into operating segments based on the products and
services of the business units and has operating segments as
follows:
Publishing - The Group owns over 2,300 informational websites
in 18 languages. These websites refer potential
customers to online businesses. The sites' content,
written by professional writers, is designed
to attract online traffic which the Group then
directs to its customers online businesses.
Media - The Group's Media division acquires online and
mobile advertising targeted at potential online
traffic with the objective of directing it to
the Group's customers. The Group buys advertising
space on search engines, websites, mobile and
social networks and places adverts referring
potential users to the Group's customers' websites
or to its own websites.
Segment performance (segment profit) is evaluated based on
revenues less direct operating costs. Items that were not allocated
are managed on a group basis.
(b) Reporting on operating segments:
Publishing Media Other Total
---------- ------ ----- --------
USD in thousands
-------------------------------------
Year ended 31 December
2018:
Revenues 65,788 47,141 4,937 117,866
---------- ------ ----- --------
Segment profit 51,747 15,329 568 67,944
---------- ------ ----- --------
Impairment loss - 9,938 - 11,038
---------- ------ ----- --------
Segment profit after
impairment loss 51,747 5,391 568 57,706
---------- ------ ----- --------
Unallocated corporate
expenses (31,957)
Finance income, net (587)
--------
Profit before taxes
on income 25,162
========
Year ended 31 December
2017:
Revenues 62,894 66,428 8,310 137,632
---------- ------ ----- --------
Segment profit 50,309 19,982 1,423 71,714
---------- ------ ----- --------
Unallocated corporate
expenses (30,945)
Finance income, net (1,424)
--------
Profit before taxes
on income 39,345
========
(c) Geographic information:
Revenues classified by geographical areas based on user
location:
Year ended 31 December
------------------------
2018 2017
----------- -----------
USD in thousands
------------------------
Scandinavia 42,374 38,250
Other European countries 32,531 41,621
North America 20,588 29,665
Asia 6,198 10,940
Oceania 1,799 3,493
Other countries 5,047 3,766
----------- -----------
Total revenues from identified locations 108,537 127,735
Revenues from unidentified locations 9,329 9,897
----------- -----------
Total revenues 117,866 137,632
=========== ===========
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
FR EASDKADDNEFF
(END) Dow Jones Newswires
March 26, 2019 11:36 ET (15:36 GMT)
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