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CentralNic Group Plc (LON:CNIC), the global Internet software company that derives recurring revenue from the online presence and online marketing services markets, has announced the appointment of Michael Riddle, currently Group CFO, as Group CEO with immediate effect. Michael succeeds Ben Crawford, who is stepping down from the board of directors today.
Ben Crawford was appointed Group CEO in 2009 and, after leading the Company’s successful IPO in 2013, has since taken the Company from a niche provider of registration services to a significant market leader in online presence and online marketing services. During his tenure as CEO, revenue has grown dramatically from $2 million to $700 million, also resulting in strong earnings and cash generation. Ben leaves with the Board’s sincere thanks and best wishes for the future.
Michael Riddle 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 broad and in-depth knowledge of the markets of The company as a whole.
William “Billy” Green, Group CFO, 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 since 2019, has been instrumental in accelerating the reporting cycle, improved analytical insights such as the separation of organic from acquisition growth and the successful refinancing of the Company’s bond debt in October 2022 .
CentralNic makes these changes from a constant position of strength. Following the recent Q3 trading update on 22 November 2022, we are pleased to confirm that trading has remained stable since then and we now expect a full-year result at least in line with the upper end of market expectations1. We will announce our fourth quarter trading update on the 30thth January 2023
The business is a strong cash generator, which has enabled the Company to successfully execute its M&A program and at the same time improve its net debt position. Having achieved these two objectives, we now intend to launch a share buyback before the end of the year, with details to be announced shortly.
Going forward, we will review our approach to cash flow deployment within the business and expect a greater focus on shareholder returns versus mergers and acquisitions.
1 [1] Analyst estimates as of November 21, 2022 range between $701.0 million and $709.6 million for FY22 revenue and between $80.0 million and $84.1 million for FY22 EBITDA.
Ian 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 watch him grow and skillfully transform CentralNic into the outstanding company it is today. We appreciate his foresight to build a strong team around him, which has been extremely beneficial to the Board. On a personal level, it was a pleasure working with Ben.”
“Michael brings a wealth of industry experience and excellent strategic and leadership skills to CentralNic and I am delighted that he will be our new CEO. He has impressed the Board with the impact he has made over the past 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 proven member of CentralNic’s senior management team, on his appointment as CFO. We know he will successfully continue to strive for excellence in our financial processes and will be an excellent contact for the financial community.”
commented Ben Crawford: “I have full confidence in Michael Riddle, my close business partner for the past four years, and his team to continue the incredible growth and cash conversions that are key to CentralNic’s investment case. I will remain an enthusiastic shareholder and supporter of the company for many years to come.”
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