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Performance marketing company XLMedia posted a large reduction in first-half profit after Google imposed penalties on a number of its casino websites.
Pre-tax profit for the six months through June amounted to $0.02 million, compared to a profit of $13.8 million year-on-year.
Revenue dropped 35% to $27.7 million following the impact of the Covid-19 crisis and the closure of the company's media business.
'Our business has endured a number of unforeseen challenges during 2020 but, as we enter the second half of the year, I believe we are seeing signs of recovery in some key areas,' chief executive Stuart Simms said.
'These green shoots, coupled with a detailed and diverse plan to mitigate the impact of the Google manual ranking penalty, give me and the executive team confidence we can enter 2021 with significant positive momentum and enhanced levels of control.'