CentralNic confident in beating full-year expectations

Internet platform company CentralNic said on Monday that its positive trading momentum had continued, and its organic growth further accelerated during the first quarter.

The AIM-traded firm said it expected to report revenue of $156m (£122.28m) and adjusted EBITDA of $18m for the three months ended 31 March, implying year-on-year organic growth for the trailing 12 months of 51%.

It said that outperformance was driven largely by the growth of its online marketing segment, itself driven by increased demand for its “privacy-safe” online customer acquisition services.

Cash increased to $86.9m as at 31 March, from $55.6m as at 31 December, while net debt narrowed to $65m from $75m.

Adjusted operating cash conversion continued to be in excess of 100%, the board reported.

CentralNic said that, while it was cognisant of the current global macroeconomic environment, it had confidence that the group would “materially exceed” the most recent market expectations for the full year.

“CentralNic has enjoyed a strong start to the year with year-on-year organic growth now reaching a record 51%, gaining market share in a growing market,” said chief executive officer Ben Crawford.

“At the same time, we have continued to add scale and capability through the completion of three strategic acquisitions in the period, including VGL, our largest acquisition to date, funded by an oversubscribed equity placing and tap bond issue.”

At 0848 BST, shares in CentralNic Group were up 5.13% at 124.05p.