(Alliance News) - CentralNic Group PLC reported on Monday that its earnings were up in the first quarter of 2023, driven by organic revenue, with the company announcing the launch of a second share buyback programme.
CentralNic is a London-based internet services holding company that develops and manages online marketplaces.
CentralNic said its adjusted earnings before interest, tax, depreciation, and amortization increased by 15% to USD21.3 million in the quarter, from USD18.5 million the year before.
CentralNic's quarter-on-quarter revenue increased by 24% to USD194.9 million from USD156.6 million.
The company attributed this growth to the key partnerships that had been secured recently, such as those with Microsoft Corp and Amazon.com Inc.
CentralNic said it also secured a partnership with Microsoft Bing following the end of the first quarter, which further stimulated profit.
The company's earnings per share decreased to USD1.06 compared to USD1.53 the previous year.
CentralNic announced a second share buyback programme, expecting to purchase GBP4.0 million of its own shares.
The company said it believes the buyback program is reflective of the group's balanced approach to capital allocation.
CentralNic was trading at 2.1% lower on Monday at 112.00 pence.
By Will Neill, Alliance News Reporter
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