CentralNic Group plc (AIM: CNIC) announced that, following its significant investment programme, the Company’s organic growth has further accelerated during the nine months to 30 September 2021, resulting in organic growth of 29% against the same period in the prior year.
The company therefore expects to report revenue of at least USD 280 million and adjusted EBITDA of at least USD 32 million for the nine months ending 30 September 2021. This represents an increase of at least 66% and 45% respectively over the USD 168.5m and USD 22.1m results reported for the same period last year.
Cash at 30 September 2021 increased to USD 54m from USD 28.7m as at 31 December 2020. Net debt at 30 September 2021 decreased to USD 79m from USD 85m as at 31 December 2020, despite the deployment during the period of a total of c.USD 13m on the acquisitions of Safebrands and Wando and the final deferred consideration payment for Team Internet. Adjusted operating cash conversion continues to be in excess of 100%.
Ben Crawford, CEO of CentralNic, said: “CentralNic’s growth rally has further accelerated during the third quarter of the year with year-to-date organic growth now reaching a record 29%. The Company expects to trade comfortably at or above the upper end of market expectations for the year * for both revenue and adjusted EBITDA. We are particularly pleased that the accelerated growth is now also starting to translate into higher profits.”