StockMarketWire.com - CentralNic - the internet platform that derives revenue from the worldwide sales of internet domain names - swung into the black in the six months to the end of June.

The group posts an after-tax profit of £287,000 for the period against a loss of £599,000 last time.

Revenues jumped by 171% to £4.4m and gross profits increased by 125% to £2.2m. The group reports adjusted earnings before interest, tax, depreciation and amortisation of £1.0m compared with a loss of £2,000 a year ago.

Chief executive Ben Crawford said: "During 2014, CentralNic was transformed from a company with one line of business, domain name Wholesaling, to one with three distinct divisions in the domain name industry - Wholesale, Retail and Enterprise.

"In the first half of 2015, each of these divisions started to scale up, reflecting the emergence of changes in the industry favourable to CentralNic's products, services and strategy.

"These promising results should be viewed as evidence of the three key factors propelling this company forward. Firstly as global demand builds for the new TLD domains supported by our Wholesale business, we continue to successfully launch new TLDs and secure additional TLD inventory. Secondly, the growth of our IBS Retail business revenues by 26% in six months demonstrates our ability to integrate and scale the businesses we have acquired.

"Thirdly, our Enterprise business transitioned from being pre-revenue a year ago to generating over £1m of revenue this half, demonstrating our ability to satisfy the domain requirements for corporate customers while also generating returns from our premium domain portfolio.

"Trading since the half year has remained in line with our expectations and, whilst mindful of the challenges in sustaining our growth strategy, the Board remains confident that the Group is well positioned to deliver its expectations for 2015 while continuing to create substantial shareholder value over the medium term."

Separately, CentralNic announced that it has appointed Mike Turner as non-executive chairman with immediate effect.

Turner is a partner and international head of technology media and communications at the international law firm Taylor Wessing.

He has over 30 years of experience working in London, New York and Los Angeles, advising private and publicly held clients on corporate transactions in the technology, telecoms, advertising/marketing services, traditional/digital media, internet and ecommerce sectors.

He has also been a partner responsible for technology investments at Oakfield Partners.

Outgoing Chairman John Swingewood has resigned from the CentralNic board to pursue other business interests.

At 8:22am: [LON:CNIC] Centralnic Group Plc share price was +1.5p at 75p



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