CentralNic Group PLC LEADERSHIP CHANGE, UPDATE, SHARE BUYBACK INTENTION (2972J)
12 Diciembre 2022 - 1:00AM
UK Regulatory
TIDMCNIC
RNS Number : 2972J
CentralNic Group PLC
12 December 2022
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
12 December 2022
CENTRALNIC GROUP PLC
("CentralNic" or "the Company" or "the Group")
LEADERSHIP CHANGE, TRADING UPDATE, INTENTION TO LAUNCH SHARE
BUYBACK
CentralNic Group Plc (AIM: CNIC), the global internet software
company that derives recurring revenue from marketplaces for Online
Presence and Online Marketing services , is pleased to announce the
appointment of Michael Riedl, currently Group CFO, as Group CEO
with immediate effect. Michael succeeds Ben Crawford, who retires
from the board today.
Ben Crawford was appointed Group CEO in 2009 and having overseen
the Company's successful IPO in 2013 has since taken the Company
from a niche registry services provider to a substantial market
leader in Online Presence and Online Marketing services. During his
tenure as CEO, revenues have grown dramatically from $2m to $700m,
also driving strong profits and cash generation. Ben leaves with
the Board's sincere thanks and very best wishes for the future.
Michael Riedl was appointed Group CFO in February 2019 following
the Company's acquisition of KeyDrive SA, where Michael had been
CFO since 2011. He has strong financial and operational experience
across the Group together with a wide and in-depth knowledge of the
Company's markets as a whole.
William "Billy" Green, Group Financial Director, will succeed
Michael as Group CFO initially in a non-Board capacity. The Board
expects that Billy will be asked to join the Board in due course.
Billy, a UK qualified chartered accountant and Oxford University
graduate, has since 2019 decisively contributed to the acceleration
of the reporting cycle, improved analytical insights such as
segregation of organic from acquisitive growth and the successful
refinancing of the Company's bond debt in October 2022.
CentralNic makes these changes from a continued position of
strength. Following on from the recent Q3 trading update on 22
November 2022, we are delighted to confirm that trading has
remained robust since then and would now expect a full year outcome
at least in line with the upper end of market expectations (1) . We
will announce our Q4 trading update on 30(th) January 2023.
The business is highly cash generative which has allowed the
Company to successfully execute its M&A agenda and at the same
time improve its net debt position. Having achieved these two
objectives we now intend to launch a maiden share buyback before
the year end with details to be communicated shortly.
Looking forward we will review our approach to cashflow
deployment within the business and expect a greater focus on
returns to shareholders versus M&A.
(1) [1] Analysts forecasts as of 21 November 2022 are within a
bandwidth between USD 701.0 million and USD 709.6 million for FY22
revenue and between USD 80.0 million and USD 84.1 million for FY22
EBITDA.
Iain McDonald, Chairman, commented: "On behalf of the Board, I
thank Ben for his many years of excellent service to the Company.
It has been a privilege to oversee him growing and skilfully
pivoting CentralNic into the outstanding company it is today. We
appreciate his foresight to build a strong team around him which
was immensely helpful to the Board. On a personal note, it has been
a pleasure to work with Ben."
"Michael has brought a wealth of industry experience and
excellent strategic and leadership skills to CentralNic, and I am
delighted that he will be our new Chief Executive Officer. He has
impressed the Board with the impact he has made over the last four
years, where he has brought clarity, structure and focus, with the
combination of skills and experience to lead the business through
its next strategic phase."
"We congratulate Billy Green, a well proven member of
CentralNic's senior leadership team, on his appointment as CFO. We
know he will successfully continue pursuing excellence in our
financial processes and be an excellent contact for the financial
community."
Ben Crawford commented : "I have every confidence in Michael
Riedl, my close business partner for the past four years, and his
team to continue the extraordinary growth and cash conversion that
are key to CentralNic's investment case. I will remain an
enthusiastic shareholder and supporter of the company for many
years to come."
For further information:
CentralNic Group Plc
Michael Riedl, Chief Executive Officer
Don Baladasan, Group Managing Director +44 (0) 203 388 0600
Zeus (NOMAD and Broker)
Nick Cowles / Jamie Peel / James Edis
(Investment Banking) +44 (0) 161 831 1512
Dominic King (Corporate Broking) +44 (0) 203 829 5000
Berenberg (Joint Broker)
Mark Whitmore / Richard Andrews
/ Alix Mecklenburg-Solodkoff +44 (0) 20 3207 7800
SEC Newgate (for Media) +44 (0) 203 757 6880
Bob Huxford / Isabelle Smurfit / centralnic@secnewgate.co.uk
Harry Handyside
The person responsible for arranging for the release of this
announcement on behalf of CentralNic is Michael Riedl, CEO
About CentralNic Group Plc
CentralNic (AIM: CNIC) is a London-based AIM-listed company
which drives the growth of the global digital economy by developing
and managing online marketplaces allowing businesses globally to
buy subscriptions to domain names for websites and email, monetise
their websites, and acquire customers online. Its core growth
strategy is identifying and acquiring cash-generative businesses in
its industry with annuity revenue streams and exposure to growth
markets and migrating them onto the CentralNic software and
operating platforms. For more information please visit:
www.centralnicgroup.com
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