CentralNic nearly doubles FY revenues and earnings

(Sharecast News) - Domain name provider CentralNic said on Wednesday that both revenues and earnings had surged 95% in the twelve months ended 31 December 2019.
CentralNic said turnover increased to $109m, while underlying earnings rose to $18m, reflecting both organic growth and benefits of its recent acquisitions of KeyDrive, Hexonet, TPP Worldwide and Team Internet.

Team Internet contributed $1.9m worth of revenues and $400,000 of EBITDA in the fourth quarter alone.

The AIM-listed firm's unaudited net debt position was $76m, as of 31 December 2019, reflecting the issuance of an additional tranche of a €40m bond on 23 December 2019 to finance the acquisition of Team Internet.

All in all, CentralNic said its unaudited financial revenue for financial year 2019 was in line with consensus and stated that it had finished the year ahead of market consensus in terms of adjusted EBITDA.

Chief executive Ben Crawford said: "I am delighted that CentralNic has again nearly doubled its revenue in 2019, repeating this achievement in five out of the past six years.

"This has been achieved through a combination of earnings accretive acquisitions and steady underlying growth across our businesses. This result is particularly pleasing as the four acquisitions we completed in the course of 2019 will only now unfold their full-year impact."

As of 1150 GMT, CentralNic shares were up 1.68% at 87.95p.