CentralNic Group plc (AIM: CNIC)provided a trading update and things seem to be off to a good start in 2023. Cash increased to USD 102.9 million at 31 March 2023 from USD 95.0 million as at 31 December 2022
The company posted:
The Group expects to report gross revenue of approximately USD 194.9 million, net revenue / gross profit of approximately USD 45.8 million and Adjusted EBITDA1 of approximately USD 21.3 million for the three months ending 31 March 2023, an increase of 24%, 15% and 15% respectively compared to the three months ending 31 March 2022. Year-on-year organic growth2 for the trailing twelve months ending 31 March 2023 is estimated at approximately 45%.
Cash increased to USD 102.9 million at 31 March 2023 from USD 95.0 million as at 31 December 2022, reducing Net Debt3 to USD 49.2 million at 31 March 2023 (USD 56.6 million at 31 December 2022), including the impact of the Company returning USD 4.3 million to shareholders via the share buyback scheme announced on 30 December 2022.
Due to an expanding product range, the benefits of operating leverage, and a focus on efficient execution, the Directors remain confident that the Group will continue to trade at least in line with current market expectations.
Michael Riedl, CEO of CentralNic, said:
“As CEO, I am thrilled to announce that CentralNic has had an outstanding start to the year, achieving our best-ever first quarter. Our continued industry leadership and reputation for excellence have enabled us to secure key partnerships with some of the world’s leading technology companies, including Microsoft.
Today, we are excited to invite our shareholders to vote on our inaugural dividend at the annual general meeting. This is a significant milestone in our commitment to enhance shareholder value through a progressive dividend policy and continued share buybacks. We remain focused on delivering sustainable growth and driving long-term value for our investors.”
Full report here