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13 May 2019 | 10:06

CentralNic swings to loss as KeyDrive acquisition ramps up costs

Internet domain names provider CentralNic swung to a loss as its acquisition of KeyDrive ramped up costs offsetting a surge in revenue. For the 12 months ended 31 December, the company reported a pre-tax loss of £3.8m, compared with a profit of £1.37m a year earlier. Core operating expenses increased 71% from £7.4m to £12.7m, of which £4.1m was attributable to KeyDrive for the five months post-acquisition and £1.1m to the full year effect of the SK-NIC acquisition. Trading in Q1 2019 was in line with management expectations with revenue growth across all segments. 'Results to date in the new financial year, together with the Group's high percentage of recurring revenues, provide the Board with every confidence of meeting market expectations for 2019,' the company said.

At 10:06am: (LON:CNIC) Centralnic Group Plc share price was +6p at 54.5p

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