London-listed digital performance marketing specialist XLMedia has approved a US$10m share buyback programme.

The programme will be funded from the company's existing cash balance, which amounted to $42m at the end of June.

The repurchase of shares will take place in open market transactions from time to time, depending on market conditions, share price, trading volume and other factors. It will run from today until the conclusion of the company’s 2019 Annual General Meeting on May 23rd.

"As part of our broader strategy to deliver shareholder value, coupled with recent weakness in our share price, the board has concluded that it is an opportune moment to undertake a share buy-back initiative, alongside maintaining our current dividend policy,” said XLMedia non-executive chairman Chris Bell.

The buyback programme will not affect the company's stated dividend policy of paying out at least 50 per cent of retained earnings.

Shares in XLMedia plc (AIM:XLM) were trading up 3.45 per cent at 76.55 pence per share in London following the announcement Tuesday morning.