CentralNic Group - VGL acquisition follows a strong FY21

Through a programme of investment in systems and staff, CentralNic deliver 39% organic revenue growth in FY21, with gross revenues rising 71% y-o-y to US$411m. Net revenues rose 58% to US$118m, with gross margins easing to 29% (FY20: 31%). Adjusted EBITDA rose 57% to US$46m, with margins falling to 11.3% (FY20: 12.2%). Tightening margins are a factor of changing product mix, with the privacy-safe Online Marketing division growing 133% y-o-y versus 17% for Online Presence. CentralNic has also completed the €60m acquisition of VGL, a product comparison website, funded by a £42m placing (at 120p per share), a €21m bond issue, with a £3m open offer outstanding.