- CentralNic Group provided an update, including financial results for the three months ending March 31, 2023.
- CentralNic reported that at the end of the first quarter, cash increased to $102.9 million from $95.0 million in the prior quarter.
- CentralNic also announced a new agreement with Microsoft Bing to diversify and deepen its pool of advertiser demand.
Global internet platform, CentralNic Group, released its financial results for the first quarter of 2023, which ended March 31, 2023. According to the report, the company expects to report gross revenue of approximately $194 $.9 million, net revenue/gross profit of approximately $45.8. million and adjusted EBITDA of approximately $21.3 million for the three months, an increase of 24%, 15% and 15% respectively year over year.
Microsoft Agreement
Compared to the prior quarter, cash increased from $95 million to $102.9 million, reducing net debt to $49.2 million from $56.6 million, including the impact of the return of the company of $4.3 million to shareholders through the share buyback program announced on December 30, 2022. The Group will release its unaudited interim report for the three months ending March 31, 2023 on May 15, 2023.
The company also announced a new agreement with Microsoft Bing, which is expected to diversify and deepen the company’s advertiser demand pool and provide opportunities to acquire customers from a broader set of media. With the combination of the Microsoft Bing partnership and its AI capabilities with ChatGPT, the company will complement its relationships with Google and Yahoo. Michael Riedl, CEO of CentralNic said:
“As CEO, I am delighted to report that CentralNic had an outstanding start to the year, delivering our best ever first quarter. Our continued industry leadership and reputation for excellence has allowed us to establish key partnerships with some of the world’s largest technology companies, including Microsoft.
Today, we are delighted to invite our shareholders to vote on our first dividend at the Annual General Meeting. This is an important step in our commitment to increasing shareholder value through a progressive dividend policy and continued share buybacks. We remain focused on achieving sustainable growth and creating long-term value for our investors. »
