Momentum continues through first half for CentralNic
Internet presence and marketing service provider CentralNic Group said in an update on Monday that its previously-announced positive trading momentum had continued, and its organic growth further accelerated, during the second quarter.
The AIM-traded firm said first half reported revenue had surged 92% year-on-year to $335m, while adjusted EBITDA was ahead 85% to $38m.
Organic revenue growth was 62%, the board reported.
Gross cash totalled $94m at period end on 30 June, up 68% from the end of December, while net debt had narrowed 20% over the same period to $65m.
Looking ahead, CentralNic said that while it was “vigilant” of the current global macroeconomic environment, it was confident that it would meet “at least the upper end” of current market expectations for the 2022 financial year.
“CentralNic has enjoyed a strong first half of the year with year-on-year organic growth now reaching a record 62%, a further improvement over the 53% reported for the 12-month period ending 31 March 2022,” said chief executive officer Ben Crawford.
“CentralNic continues to deliver sustainable growth thanks to our privacy safe solutions and the enormous scale of the market opportunities we are addressing.”
The company said it would publish its unaudited interim report for the six months ended 30 June on 30 August.
In a separate announcement on Monday, CentralNic said the additional consideration payment for the acquisition of KeyDrive had been determined at $1.14m.
The board said the consideration would be settled in cash.
Inter.services, the majority seller of KeyDrive, had agreed to not sell any CentralNic shares for the next 180 days, with CentralNic adding that it had no further financial obligations under the sale and purchase agreement.
“The acquisition of KeyDrive has been a catalyst for the accelerated expansion of the CentralNic Group and forms the core of our online presence segment,” Ben Crawford added.
Reporting by Josh White at Sharecast.com.