CentralNic on the rise after strong first half

AIM-listed web services firm CentralNic (LON:CNIC) has announced that revenues rose by 225% for the six months ended 30th June as it won a number of major new clients over the period. Management said that they were confident that full-year results would be towards the top end of current analyst forecasts.

CEO Ben Crawford commented: “In the first half of 2019 CentralNic’s adjusted EBITDA exceeded our full year performance in 2018. These outstanding results not only demonstrate that CentralNic can source and complete transformative acquisitions, but that it can also integrate them successfully while continuing to deliver organic growth. Moreover, as we scale up rapidly, the underlying qualities of high recurring revenues and excellent cash conversion become increasingly meaningful.

“Our pipeline of future deals remains strong, while our net debt level remains comfortable particularly given the profitability of the existing CentralNic Group and the expected contribution from recent acquisitions. We are confident in continuing our trajectory towards joining the ranks of the global leaders in our industry“.

Shares in CentralNic rose by 1.57% to 54.85p (as of 15:00 BST).