Internet domain name seller CentralNic Group PLC (LON:CNIC) saw revenue double in 2018.
In the current year, results to date combined with a strong level of recurring revenues have underpinned the board's confidence in meeting market expectations.
Revenue rose to £42.7mln in 2018 from £21.4mln (excluding premium domain sales, as selling premium domains is no longer a core activity of the group) in 2017.
Adjusted underlying earnings (EBITDA) grew to £7.0mln from £4.2mln (again, excluding premium domain sales).
Administrative expenses, which includes acquisition-related costs, rose to £22.1mln from £12.3mln, leading to a loss before tax of £3.8mln versus a profit in 2017 of £1.4mln.
The group ended the year with a cash balance of £18.0mln, up from £10.9mln a year earlier, after an oversubscribed £24mln share issue. Net debt, including pre-paid costs, narrowed to £1.7mln from £6.5mln at the end of 2017.
Net cash ﬂow from operating activities after tax was higher than the previous year at £6.7mln (2017: £3.8mln).
"Results to date in the new financial year, together with the group's high percentage of recurring revenues, provide the board with every confidence of meeting market expectations for 2019,” said Mike Turner, the chairman of CentralNic.
“Furthermore, the continued availability of attractive acquisition targets, coupled with the group's proven ability to source, complete, and integrate complex acquisitions around the world, provides an excellent opportunity to build a sizeable global business to rival the largest industry players,” he continued.
$CNIC #CentralNic Group CentralNic Group plc (CNIC LN): CentralNic has delivered a solid set of FY18 results this morning that are 3.8% ahead of our forecasts and up 66% YoY at the adj. EBITDA level (excluding the one off domain name sales business… https://t.co/HNK91qFd3A pic.twitter.com/HQbpd8yYxd— ResearchPool (@ResearchPool) May 13, 2019