CentralNic hopes to strike a chord on Aim

Source: http://www.express.co.uk/finance/city/424870/CentralNic-hopes-to-strike-a-chord-on-Aim

Express.co.uk

27 August 2013 - A WEBSITE address provider is seeking to make a name for itself on Aim as it gears up to pursue expansion.

Internet registry services firm CentralNic, which derives revenues from the sale of internet domain names, made profits of £1.7million last year.

Its 24 premium domain names include websites ending uk.com, which has been chosen for web addresses by the likes of Pineapple Dance Studios and rock band Radiohead.

It has also been awarded exclusive distribution contracts for 60 new top level domains (TLDs), 25 of which are already confirmed to launch through CentralNic including .wiki .college for global education institutions and .rest for restaurants.

The company is raising £5million in the flotation and will have a market value of about £30million.

Funds raised will help to boost its global distribution network, acquire interests in new TLDs and obtain contracts from governments to operate their country code domains, especially in developing markets.

Chief executive Ben Crawford pointed to London's growing reputation as a technology centre and a supportive investment community as reasons for choosing Aim over Nasdaq.

He added: "With 5 billion people forecast to use the internet within the next decade, these are exciting times for CentralNic.

"We are profitable, debt free, asset backed and about to capitalise on the major changes being made to the internet with the influx of new TLDs.

"We already have in place the required IT infrastructure and global retailer network. We have also been awarded a significant number of new TLD contracts so the company is confident of expanding rapidly.

"We now look to a stock market listing to enable us to raise the necessary funds to win contracts, innovate, provide excellent levels of service and profit from new and developing marketplaces as the internet evolves."