- Team Internet Group
- 24 July 2023 16:29:54
Source: Sharecast
The AIM-traded firm said it expected to announce gross revenue of at least $396m - a substantial 18% increase compared to the same period in 2022.
Moreover, net revenue, or gross profit, was projected to be at least $91m, representing an 11% year-on-year improvement.
Adjusted EBITDA was set to reach $44m, making for a 15% increase from last year's six-month figure.
CentralNic said it had experienced significant organic growth during the trailing 12 months ended 30 June, estimated to be around 31%.
The company said its financial position remained solid, with cash totalling $83m at the end of June, down from $95m at the end of December.
Net debt increased to $68m as at 30 June, from $57m at the end of December, primarily due to non-operating cash outflows related to the acquisition of its own shares of $13.7m, the issue of its maiden dividend of $3.5m, and a one-time settlement of deferred contingent consideration of $15.2m.
Despite those expenditures, CentralNic said its adjusted cash conversion remained strong at 89%, adding that it expected that to normalise to nearly 100% throughout the rest of the year.
“CentralNic has continued to deliver yet another strong quarterly performance,” said chief executive officer Michael Riedl.
“Furthermore, we have enhanced our market share in each of the segments in which we operate.
“Our sustained performance is a testament to our strong ingrained culture of operational excellence, a factor that keeps us at the fulcrum of the industry ecosystems in which we operate.”
Riedl said that, through its ongoing initiatives to boost operating leverage, CentralNic was “fortifying an already highly dependable and sustainable” business model.
“Our unrelenting commitment to these efforts continues to build upon our prime objectives of creating a market leader in its space and maximising shareholder value.”
CentralNic said it would publish its unaudited interim report for the six months ended 30 June on 14 August.
At 1613 BST, shares in CentralNic were down 0.31% at 127p.
Reporting by Josh White for Sharecast.com.