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CentralNic welcomes second-half turnaround at Team Internet

The acquisition of Team Internet was completed at the end of 2019 and is expected to boost CentralNic's earnings this year, even before any synergies are extracted

Centralnic Group PLC -

CentralNic Group PLC (LON:CNIC), the domain names and web services company, has applauded the turnaround at Team Internet, acquired late last year.

During the period from 1 January 2019 through to 24 December 2019, which was the date of the sale of the German web services provider to CentralNic, Team Internet recorded revenue of US$74.0mln and adjusted underlying earnings (EBITDA) of US$12.3mln.

This compares to revenue of US$66.7mln and EBITDA of US$10.6mln in the 12 months to 30 June 2019, which was the latest set of figures available at the time the acquisition was announced in mid-November.

"These figures, which were recently released into the public domain by Matomy Media as part of their audited FY2019 results, are testament to the successful turnaround of the Team Internet business in H2 2019,” said Ben Crawford, the chief executive officer of CentralNic.

As for CentralNic, it will release a trading update covering the first quarter of 2020 in the week commencing 27 April alongside its full-year results for 2019.

The directors expect current trading to be in line with market expectations.

Quick facts: Centralnic Group PLC

Price: 87.5 GBX

Market: LSE
Market Cap: £165.24 m

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