14th Aug 2023 08:47
(Alliance News) - CentralNic Group PLC on Monday said higher costs drove a decline in its interim profit, while its revenue grew by double digits.
The London-based internet services holding company that develops and manages online marketplaces said in the six months to June 30, pretax profit fell by USD13.3 million from USD15.8 million a year prior as costs of sales grew by 21% to USD305.2 million.
Revenue grew by 18% to USD396.4 million from USD334.6 million the year before. This was partly attributed to growth across its Online Marketing and Online Presence divisions, which expanded by 18% and 20% respectively.
Adjusted earnings before interest, tax, depreciation and amortisation rose by 16% to USD44.6 million from USD38.6 million a year ago.
Looking ahead, CentralNic said it expects full-year trade to be in line with market expectations, with revenue forecasted to be in the range of USD783 million and USD834 million. Adjusted Ebitda is expected to be between USD91 million and USD98 million.
Chief Executive Officer Michael Riedl said: "CentralNic has continued to deliver yet another strong quarterly performance, enhancing 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."
Shares in CentralNic were up 0.3% at 131.20 pence each in London on Monday morning.
By Sabrina Penty, Alliance News reporter
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