CentralNic Group - FY23 outlook maintained after record Q1

CentralNic’s Q123 trading update confirms management is delivering on its strategy of robust organic growth, coupled with strong cash generation, which has improved shareholder returns and further deleveraged its balance sheet. The group is confident that it is trading at least in line with current market consensus for FY23 and we maintain our forecasts, which are slightly ahead of consensus. CentralNic’s latest agreement with Microsoft Bing in Online Marketing lowers the group’s execution risk by diversifying its advertiser demand pool and adds to its growth potential.