CentralNic’s half year revenue soars to $49m
London-based internet domain register, CentralNic, has reported a 225% rise in its half year revenue to $49m.
The global internet platform derives its revenue from the subscription sales of domain names and web services, said both revenues and adjusted EBITDA have tripled year-on-year, driven by a combination of growth through acquisition and underlying organic growth of c.6%.
The London-listed company said it saw strong growth in the first half and secured three acquisitions, taking the company to around $130m in revenues on a proforma annualised basis.
CentralNic said that the performance KeyDrive, a key acquisition made last year, demonstrates the firm’s ability to generate network effect and economies of scale beyond initial hard cost synergies, thereby improving gross margin and adjusted EBITDA margin.
"In the first half of 2019 CentralNic's adjusted EBITDA exceeded our full year performance in 2018”, said Ben Crawford, CEO of CentralNic.
“These outstanding results not only demonstrate that CentralNic can source and complete transformative acquisitions, but that it can also integrate them successfully while continuing to deliver organic growth.
“Moreover, as we scale up rapidly, the underlying qualities of high recurring revenues and excellent cash conversion become increasingly meaningful.
"Our pipeline of future deals remains strong, while our net debt level remains comfortable particularly given the profitability of the existing CentralNic Group and the expected contribution from recent acquisitions.
“We are confident in continuing our trajectory towards joining the ranks of the global leaders in our industry."
CentralNic’s shares were trading 3.7% higher at 56p in London on Monday morning.
Buy your tickets for the Prolific London Awards
The inaugural event championed creative brilliance from across the capital