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02 Sep 2019 | 09:02

CentralNic expects performance at top end of market forecasts as Keydrive acquisitions bolsters growth

Internet platform Group CentralNic said it expected annual performance around the top end of market expectations after the company cut its half-yearly losses as revenues tripped thanks to a boost from the acquisition of KeyDrive. For the six months ended 30 June 2019, pretax losses narrowed to $1.6m from $1.9m as revenue increased 225% to $19.5m. 'CentralNic's acquisition of KeyDrive in August 2018 substantially increased the scale and capabilities of the company,' the company said. 'The effect of this is fully demonstrated in our H1 2019 results which show a transformational increase in revenues and adjusted earnings (EBITDA), both of which have more than tripled against the comparative period for 2018,' it added. Looking ahead, the company said it was 'confident that the full year result should be around the top end of the current range of analyst forecasts.'

At 9:02am: (LON:CNIC) Centralnic Group Plc share price was +3p at 57p

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