30th Aug 2022 10:45
(Alliance News) - CentralNic Group PLC on Tuesday reported it swung to an interim profit and boasted record revenue on the strength of its Online Marketing segment.
In the six months ended June 30, the online services provider swung to a pretax profit of USD15.8 million from a loss of GBP2.2 million the previous year.
Interim revenue surged to USD334.6 million from USD173.8 million, representing year-on-year growth of 93% and a record figure.
CentralNic pointed to its Online Marketing segment in particular for strong interim growth. The segment, it said, proved "entirely immune to any adverse signals from the market" and consequently nearly tripled its revenue year-on-year.
Chief Executive Ben Crawford said: "CentralNic has enjoyed a strong first half of the year with year-on-year organic growth now reaching a record 62%, with our high cash conversion driving our net debt down to below our consensus earnings before interest, tax, depreciation and amortisation for 2022."
Organic revenue growth was predominantly driven by its TONIC media buying business, the company explained.
In the second half of the year so far, CentralNic said it has been trading "comfortably" towards the high end of its recently upgraded forecasts, with particular strength in its Online Marketing segment.
Shares in CentralNic were up 4.2% at 125.60 pence on Tuesday morning in London.
By Heather Rydings; [email protected]
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