15th May 2023 12:02
(Alliance News) - CentralNic Group PLC on Monday reported that earnings were up in the first quarter of 2023, driven by organic revenue, with the company announcing the launch of a second share buyback programme.
CentralNic is a London-based internet services holding company that develops and manages online marketplaces.
CentralNic said its adjusted earnings before interest, tax, depreciation, and amortization increased by 15% to USD21.3 million from USD18.5 million the year before.
CentralNic's quarter-on-quarter revenue increased by 24% to USD194.9 million from USD156.6
million. The company attributed this growth to the key partnerships that had been secured recently '...with the world's leading technology companies including Google, Amazon and recently Microsoft, a testament to the strength and quality of our offering," said Chief Executive Officer Michael Riedl.
In the last quarter, CentralNic secured a partnership with Microsoft Bing which further stimulated profit.
The company's earnings per share as at March 31 decreased to USD1.06 compared from USD1.53 a year prior.
Meanwhile, CentralNic's net debt reduced by 14% to USD49.3 million from USD56.6 million.
CentralNic revealed a second share buyback programme, which expects to purchase GBP4.0 million of its own shares.
The company said it believes that the buyback programme was reflective of the group's balanced approach to capital allocation.
Looking ahead, CEO Riedl said the company is confident in its ability to deliver high-quality earnings and "strong" growth.
CentralNic shares were down 1.8% at 112.40 pence each on Monday midday.
By Will Neill, Alliance News Reporter
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