CentralNic Group PLC (AIM:CNIC) shares rose strongly in Monday’s dealing after the British internet company told investors it is confident that it will see its performance at least in the upper end of current market expectations for the current financial year.
Changing hands at around 130p, the shares were up around 9% by midday.
In this morning’s trading update for the first half CentralNIC reported first half revenues up 92% to US$335mln, versus US$174.7mln a year ago, whilst earnings (adjusted EBTIDA) rose by 85% to US$38mln compared to US$20.5mln. Organic revenue growth was marked at 62%.
The company highlighted a US$94mln gross cash position at the end of June, up from US$56mln at the turn of the year. Net debt meanwhile reduced 20% to US$65mln, from US$81mln.
"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 twelve-month period ending 31 March 2022,” said chief executive Ben Crawford
He added: CentralNic continues to deliver sustainable growth thanks to our privacy safe solutions and the enormous scale of the market opportunities we are addressing.”
Separately, in another statement today, the company reported that it had agreed to pay an additional consideration for KeyDrive of US$1.14mln cash. Inter.services, the majority seller of KeyDrive, has agreed to not sell any CentralNic shares for the next 180 days.
"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,” Crawford added.
--- Article updated for share price details ---