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04 Feb 2019 | 08:43

CentralNic forecasts lower than expected net debt; appoints new CFO

CentralNic, an internet platform business, said net debt would be lower than expected following strong cash conversation in the second half of the year.

The company also confirmed that Michael Riedl would be appointed as Chief Financial Officer replacing Don Baladasan, who would take on a new role as Group Managing Director.

As well as managing the integration of new acquisitions and ensuring cost and revenue synergies were achieved, Mr Baladasan would also have specific responsibility for reviewing current business practice and systems to ensure that CentralNic meets its financial targets.

Revenues for the year full year were anticipated to be about £42.5m and adjusted earnings (EBITDA) estimated to be about £6.7m.

Net debt would be lower than market expectations at approximately £2.4m following strong cash conversion in the second half of the financial year, the company said.

Since the acquisition of KeyDrive, CentralNic said it had taken the necessary actions to deliver the transaction rationale.

The company had progressed the migration of CentralNic's largest retail and reseller businesses onto the KeyDrive platform as well as migrating the majority of KeyDrive's registry clients onto the CentralNic software platform.

As a result, the company expected to achieve about £1m of cost synergies in 2019, in line with initial management estimates.

At 8:43am: (LON:CNIC) Centralnic Group Plc share price was 0p at 50.5p

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