Business
H1 Trading update and Notice of Results
H1 Trading update and Notice of Results.
About this update from Team Internet Group Plc
[{"type":"text","content":"\n\n24 July 2023\n \nCentralNic Group plc\n(\"CentralNic\" or the \"Company\" or the \"Group\")\n \nH1 Trading update and Notice of Results\n \nCentralNic Group plc (AIM: CNIC), the global internet company which helps online consumers make informed choices, is pleased to provide an update for the six months ended 30 June 2023 and gives notice of the publication of its interim report for the six months ended 30 June 2023.\nTrading update\nThe Group delivered another strong performance during the period and expects to report Gross Revenue of at least USD 396 million, Net Revenue (Gross Profit) of at least USD 91 million and Adjusted EBITDA1 of at least USD 44 million for the six months ended 30 June 2023. This represents an increase of 18%, 11% and 15% respectively compared to the six months ended 30 June 2022. Year-on-year organic growth2 for the trailing twelve months ended 30 June 2023 is expected to be c.31%.\nCash was USD 83 million at 30 June 2023 (USD 95 million at 31 December 2022) and Net Debt3 was USD 68 million at 30 June 2023 (USD 57 million at 31 December 2022), following non-operating cash outflows in respect of the Company acquiring its own shares (USD 13.7 million), the Company's maiden dividend (USD 3.5 million), and USD 15.2 million in respect of the non-recurring settlement of deferred contingent consideration. Adjusted Cash Conversion was 89% and is expected to normalise to nearer to 100% over the remainder of the year.\nThe material expansion of the Company's second share buyback programme announced on 3 July 2023 is being funded by continued strong operating cash generation. To date, the Company has bought back 5.7 million shares under that programme at a cumulative cost of GBP 6.7 million, in addition to purchases of shares by the Company's Employee Benefit Trust. In excess of GBP 27 million remains available for the remainder of the programme.\nConsidering the robust performance, the Directors remain confident that the Group continues to trade at least in line with current market expectations for the full year.\nNotice of Results\nThe Group will publish its unaudited Interim report for the six months ending 30 June 2023 on Monday, 14 August 2023.\nOn the day of the six months ended 30 June interim results (14 August 2023), there will be a webinar / conference call for equity analyst...