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CentralNic Group PLC reported on Monday that its earnings were up in the first quarter of 2023, driven by organic revenue, with the company announcing the launch of a second share buyback programme. CentralNic is a London-based internet services holding company that develops and manages online marketplaces. CentralNic said its adjusted earnings before interest, tax, depreciation, and amortization increased by 15% to $21.3 million in the quarter, from $18.5 million the year before. CentralNic’s quarter-on-quarter revenue increased by 24% to $194.9 million from $156.6 million. The company attributed this growth to the key partnerships that had been secured recently, such as those with Microsoft Corp and Amazon.com Inc. CentralNic said it also secured a partnership with Microsoft Bing following the end of the first quarter, which further stimulated profit. The company’s earnings per share decreased to $1.06 compared to $1.53 the previous year. CentralNic announced a second share buyback programme, expecting to purchase £4.0 million of its own shares. The company said it believes the buyback program is reflective of the group’s balanced approach to capital allocation. CentralNic was trading at 2.1% lower on Monday at 112.00 pence. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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