Group reveals revenue surge

Business News Group has performed strongly during the first two months of the second quarter of 2020 and provides the following update.

As previously stated, search performance at the beginning of the quarter showed a positive trend. The search performance has continued to improve. The Group delivered a record month in May 2020 in terms of revenue, EBITDA, casino NDCs and organic NDCs. We continue to see evidence of robust trading in the data we have seen thus far for June 2020.

Revenue totaled EUR 3.80 (3.12) million, an increase of 21.8%.

Adjusted EBITDA amounted to EUR 2.24 (0.81) million, an increase of 176.5%. Net Interest Bearing Debt (NIBD) amounted to EUR 7.24 (14.17) million at the end of May 2020.

The Group has reversed certain, temporary cost reduction measures which were implemented during April and May and no longer expects to save EUR 0.3 million as previously guided on 30 March 2020.

Chief Executive, Charles Gillespie, comments, “Thus far in Q2 we have seen increased demand from both our clients and consumers as well as healthy search performance and improved monetization through better technological solutions. I thank our team for coming together virtually under challenging circumstances to deliver a record performance.”