CNIC.L Share News (CNIC)

(Sharecast News) - Internet domain name and services company CentralNic Group updated the market in relation to the Covid-19 coronavirus pandemic on Monday, reporting that to date, it had not experienced interruptions in its services to customers or in its supply chain.
The AIM-traded firm said its current trading remained in line with market expectations.

It said its business was expected to remain "resilient", explaining that its services were procured and delivered over the internet, with the majority of its revenues being payments from existing subscribers and customers on rolling contracts.

The company noted that its core product was the sale of domain names, which was core infrastructure that enabled the functioning of email and websites.

"As providers of essential internet services, a number of CentralNic Group companies were well prepared for the current conditions, with business continuity plans already in place precisely for situations where staff were unable to work from the office," the board said in its statement.

"CentralNic preemptively stopped travel, meetings and office working across its global locations in advance of formal government directives, and has been successful in protecting its staff from the spread Covid-19.

"These steps have enabled us to continue to run all services company-wide without interruption and to utilise all staff productively via remote working."

CentralNic said it planned to release both its year-end results for 2019 and its first quarter 2020 headline results in the week of 27 April.

At 1035 BST, shares in CentralNic Group were up 7.76% at 88.9p.