24th Apr 2023 08:55
(Alliance News) - CentralNic Group PLC on Monday said it expects to report a 24% year-on-year increase in gross revenue to USD194.9 million in the first quarter of 2023.
The London-based internet services holding company that develops and manages online marketplaces said it expects to report net revenue of USD45.8 million in the quarter, up 15% against the previous year, and adjusted earnings before interest, tax, depreciation and amortisation of USD21.3 million, an increase of 15%.
The company said its net debt was reduced to USD49.2 million, down 13% from USD56.6 million at December 31, due to an 8.3% increase in cash to USD102.9 million at March 31, from USD95.0 million three months earlier.
CentralNic said its online marketing segment continues to "thrive", through partnerships with leading global media groups, including its latest with Microsoft Corp's Bing.
The firm said the deal with deepen its advertiser demand pool, as well as offering "opportunities to acquire customers from a broader set of media".
The company added that the deal would leverage its AI capabilities with ChatGPT, as well as complement its relationships with Alphabet Inc's Google and Yahoo.
Chief Executive Michael Riedl said: "I am thrilled to announce that CentralNic has had an outstanding start to the year, achieving our best-ever first quarter. Our continued industry leadership and reputation for excellence have enabled us to secure key partnerships with some of the world's leading technology companies, including Microsoft."
CentralNic shares fell 3.9% to 117.82 pence each in London on Monday morning.
By Harvey Dorset, Alliance News reporter
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