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|13/09/2016 16:46:11||London Stock Exchange||TR-1: Notification of Major Interest in Shares|
|07/09/2016 07:00:08||London Stock Exchange||Half Year Results|
|23/08/2016 07:00:07||London Stock Exchange||Notice of Results|
|10/08/2016 16:40:02||London Stock Exchange||TR-1: Notification of Major Interest in Shares|
|01/08/2016 07:00:21||London Stock Exchange||CentralNic awarded contract for .FM|
|21/07/2016 07:00:07||London Stock Exchange||Exercise of Share Options & Total Voting Rights|
|12/07/2016 15:15:02||London Stock Exchange||TR-1: Notification of Major Interest in Shares|
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Research reports on CENTRALNIC GROUP PLC
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FY16 Interims – improving quality of earnings, FY on track
07 Sep 16
During the first six months of FY16, CentralNic has demonstrated how the acquisition of Instra has driven the company’s growth strategy by both increasing recurring revenues (now 60% of sales versus 51% in H115) and improving the quality of earnings. In terms of headline numbers, sales have increased by 101% to £8.9m (£4.4m), adj. EBITDA by 29% to £1.3m (£1.0m) and adj. PBT by 12% to £0.9m (£0.8m). The Retail division was significantly enhanced by the contribution from Instra, while there were minimal premium domain name sales in H116 compared to £0.7m H115, which diluted the overall gross margin to 26% from 43%. Management are in advanced discussions with trade buyers for premium domains and anticipate securing significant high value and high margin sales in H2, and as a result, remain confident of achieving FY numbers.
FY15 Finals – strong performance with much more to come
25 May 16
FY15 results show that CentralNic has delivered revenue of £10.4m (+71%), adj. EBITDA of £3.3m (+47%) and adj. PBT of £3.0m (+113%), with growth in both revenues and profits experienced across all three group divisions. In our view, the business is well positioned for continued growth, thanks to a growing and impressive track record of diversification and M&A.
First company to achieve landmark of two million new TLD registrations
10 Nov 15
CentralNic is the first ‘registry backend’ to achieve two million sales of new TLD domain names, according to the domain industry stats website ntdstats.com. As the chart below illustrates, CentralNic is ranked number one globally with a 21.2% market share of new TLD domains registered using its platform.
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Upgrade on lower costs, pipeline strong
24 Oct 16
Fusionex’s year-end trading update indicates that revenues will be in line with market expectations (we estimate 16% revenue growth in FY16) and that a strong pipeline for GIANT 2016 should drive further momentum in FY17. The planned increase in sales, marketing and other investment to support adoption of GIANT has been more moderate than we forecast, meaning that EBITDA is expected to be significantly above consensus. We upgrade our FY16 EBITDA by MYR3.2m (83% but from a compressed level) to reflect this, while leaving our estimates for FY17 and FY18 unchanged.
N+1 Singer - NCC Group - Strong revenue but margins weaker in H1
20 Oct 16
NCC’s trading update for the four months to September shows continued strong revenue growth, but margin pressures in the first half mean that profit for the year will be more second half weighted than usual. Group revenue increased 36% in the period (+21% organic) with Assurance and Escrow both growing well (+25% and +4% respectively). The Assurance division has seen three unrelated large contract cancellations however, as well as some difficulties with some managed services renewals. We are not making any changes to our forecasts at this stage but now expect a significant second half weighting to profits. We remain supportive of the story but with the shares priced for perfection, we downgrade to Hold, with a target price of 353p (from 384p).
N+1 Singer - Earthport - Traction continuing to build
26 Oct 16
Earthport has reported an in-line set of results for the full year to June’16. The group has delivered 89% growth in the number of transactions, resulting in payment volumes through the platform increasing to $11.8 billion. A FY’16 adj. EBITDA loss of £7.5m represents a strong HoH trajectory (H1 loss £5.3m, H2 loss £2.2m) and the group has reaffirmed its commitment to becoming cash generative in Q4’17. Earthport has proved that it can scale new customers quickly as well as extracting significant volume increases from existing customers. With multiple catalysts on the horizon and a strong start to the year already achieved, we believe the group is very well-placed to gain a significant share of the vast cross-border payments market.
N+1 Singer - Morning Song 20-10-2016
20 Oct 16
A highly disappointing update from Senior reports a number of issues adding up to the Group being behind expectations. Following the Flexonics issues over the past 12 months, there are now issues on the Aerospace side which are affecting the outlook. In a period when some stability was required, this is disappointing. We have downgraded FY16 EPS by 6.8% and, whilst we see Senior remaining a US takeover target, we move from Buy to Hold (target price down from 262p to 196p) until more clarity is available on the direction of the Group.