CentralNic announces Team Internet had $74m in revenue

CentralNic Group plc (AIM: CNIC) announced an update on the FY2019 performance of its latest acquisition, Team Internet AG, Germany (“Team Internet”).

As reported by Matomy Media Group Ltd. (“Matomy Media”) as part of their audited annual report for FY2019, during the period from 1 January 2019 through 24 December 2019, the date of the sale of Team Internet to CentralNic, Team Internet has recorded revenue of USD 74.0m and adjusted EBITDA of USD 12.3m. This compares to USD 66.7m and USD 10.6m respectively reported for the trailing 12 months to 30 June 2019 at the occasion of the announcement of the acquisition of 15 November 2019.

CentralNic acquired Team Internet for a total consideration of USD 48m cash, equivalent to 3.9 times Team Internet’s EBITDA for the period 1 January 2019 to 24 December 2019. The acquisition is earnings enhancing and expected to be significantly accretive in the financial year ending 31 December 2020, before any synergies.

Ben Crawford, CEO of CentralNic, said: “These figures, which were recently released into the public domain by Matomy Media as part of their audited FY2019 results, are testament to the successful turnaround of the Team Internet business in H2 2019.”