CentralNic Group PLC (LON:CNIC) saw revenue more than double year-on-year in the first nine months of 2020, with record organic revenue growth of 17%.
The acquisitive internet platform operator saw revenue rise by 118% to US$168.5mln in the nine months to the end of September 2020, up from US$77.1mln the year before.
Adjusted underlying earnings (EBITDA) jumped 68% to US$22.1mln from US$31.1mln the year before. Operating profit expanded to US$1.88mln from US$99,000 the year before.
The company said it is confident that full-year results will be in line with expectations. As the group continues to scale-up rapidly, it expects its recurring revenue base and cash conversion will become increasingly meaningful.
Cash and bank balances at the end of the reporting period stood at US$63.66mln, up from US$18.97mln a year earlier, giving it plenty of firepower should it decide to pull the trigger on any of the acquisition opportunities it has in the pipeline.
Net debt at the end of September 2020 stood at US$44.9mln versus net debt of US$35.9mln at the end of September 2019.
"In the first nine months of 2020 CentralNic's reported revenue exceeded our cumulative reported revenue for financial years 2018 and 2019 combined. These outstanding results not only demonstrate that CentralNic can source and complete transformative acquisitions, but that it can also integrate them successfully while delivering double-digit organic growth,” said Ben Crawford, the chief executive officer of CentralNic in the results statement.
"Our pipeline of future deals remains strong and we consider our net debt level to be comfortable given the profitability of the existing CentralNic Group and the expected contribution from recent acquisitions, which together will lead to a reduction over time, absent further acquisition activity. We have also brought a number of new senior managers on board to drive our organic growth and we are confident in continuing our trajectory towards joining the ranks of the global leaders in our industry,” he added.