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CentralNic to receive US$1mln after premium domain name deal

CentralNic will use the cash to buy more premium web domain names

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The AIM quoted group has more than 20,000 premium domains

CentralNic (LON:CNIC) is set to receive US$1mln after it struck a premium domain name sales agreement yesterday (June 30).

The money is payable over coming months and will be used to acquire further premium domain names to augment those already in the Premium Domains names business it launched in the second half of 2014.

Chief executive Ben Crawford told investors: "This latest sale of premium domain names not only validates our trading business, but underscores the value of our domain name inventory, with in excess of 20,000 premium domains.

"We will continue to actively acquire new premium domains where we see real medium term trading value, while also selling those domains which we believe have reached maximum market potential."

Since last year, the firm has acquired around 4,000 domain names on top of  existing inventories and has sold domains at prices ranging from US$3,000 to hundreds of thousands of dollars, it said.

On Monday this week CentralNic  revealed that the .BANK domain names are now available through its London-based division CentralNic FinTech.

This new end-part to Internet addresses is an alternative to the likes of .COM and .CO.UK forms part of a restructuring of the Internet by regulator ICANN, the group said.

More and more industries are adopting top level domains (TLDs) specific to their business types, such as .design, .college, .bar, .tickets and .host, it said.

Quick facts: Centralnic Group PLC

Price: 84.5 GBX

LSE:CNIC
Market: LSE
Market Cap: £159.57 m
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