CentralNic Group PLC (AIM:CNIC) confirmed an even stronger start to the year than it had previously indicated, and remained confident that trading is in line with recently upgraded full-year forecasts.
Driven by a combination of acquisitions and organic growth, underlying earnings (EBITDA) grew 83% to US$18.5mln in the three months to March 31 2022, on revenue up 86% to US$156.6mln.
Organic growth for the provider of internet domain names, hosting, monetisation and marketing tools was 53% for the trailing 12 months to the end of its first quarter, up from what it has estimated was 51% in a trading update last month.
The quarter saw the group complete three acquisitions, including its largest, that of VGL Verlagsgesellschaft for US$65mln, and investment in new management, staff and systems, while also being named by the Financial Times as one of the 250 fastest-growing companies and among the top 50 fastest-growing technology companies in Europe.
Net debt was down 18% to US$61.3mln and leverage to 1.56x from 2.22x after a £45mln raised from two equity raises and a €21mln tap bond issue.
Chief executive Ben Crawford said: “CentralNic has enjoyed a strong start to the year with year-on-year organic growth now reaching north of 50%, gaining market share in a growing market.”
He added: “With notably reduced leverage and a healthy cash cushion, CentralNic remains well positioned for the future."