Information  X 
Enter a valid email address

CentralNic reports wider losses on higher costs

By BFN News | 09:37 AM | Monday 27 April, 2020


Global internet platform company CentralNic reported wider losses as higher costs offset a jump in revenue. For the year ended 31 December 2019, pre-tax losses widened to £8.2m from £5m and revenue increased 95% to $109.2m on-year. Administrative costs jumped to £30m from £29m. 'In total, five successful acquisitions contributed to CentralNic group's growth in 2019, with the acquisition of Team Internet AG being completed on 24 December 2019 and having its first material impact on 2020,' the company said. In the first quarter of the new fiscal year, trading proved to be resilient to the global impact of Covid-19 and the recently acquired Team Internet was integrating to plan with 'strong fundamentals,' CentralNic said. 'As a provider of online subscription services with high cash-conversion and solid organic growth, we do not expect CentralNic group to be severely affected by Covid-19, but we will take the necessary precautions to preserve our cash and review our acquisition pipeline and financing plans to ensure that we maintain stability and optimise our business strategies in the new global climate,' it added. At 9:37am: (LON:CNIC) Centralnic Group Plc share price was +5p at 93p Story provided by StockMarketWire.com

a d v e r t i s e m e n t