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Paysafe Group plc Annual General Meeting - Trading Update
FY 2016 revenue and adjusted EBITDA ahead of market expectations
May 25, 2016
Paysafe Group plc (LSE: PAYS, “Paysafe” or the “Group”), a leading global provider of online payment solutions, issues the following trading update covering the four months to 30 April 2016, ahead of the Annual General Meeting at 11.30am today in the Isle of Man.
- Further to the update on trading given at the Group’s results in March, the positive momentum from FY 2015 has continued throughout the period to date. Strong growth in Payment Processing and Digital Wallets is contributing to a particularly favourable performance year to date.
- Full year revenue is now expected to be in the range of $950m – $970m, ahead of market consensus of $911m(1).
- The integration of Skrill remains on track to be substantially completed during Q3 2016. The final update on the integration project will be given with the H1 2016 results. Anticipated FY 2016 synergy savings are expected to be in line with those previously announced.
- Paysafe continues to invest in its compliance and risk management functions, along with the geographic expansion of the Group’s paysafecard business.
- Paysafe expects full year adjusted EBITDA(2) to be in the range of $270m – $276m, compared to market consensus of $260m(1).
Paysafe President and Chief Executive Officer Joel Leonoff said: “I am delighted to report such a strong performance for the Group in the first four months of the year. As a result of the positive momentum across our business, we expect to deliver full year revenue and adjusted EBITDA ahead of market expectations. We look forward to providing a further update when we announce our half year results.”
Paysafe expects to publish its results for the half year to 30 June 2016 on Wednesday 10 August 2016 at 7.00am BST followed by a call for analysts and investors at 2.00pm BST.
(1) Company compiled consensus, including 8 analysts as at 24 May 2016.
(2) Adjusted EBITDA is defined as results of operating activities before depreciation, amortisation, and share-based payments and adjusted for exceptional non-recurring items which are defined as items of income and expense of such size, nature or incidence that, in the view of management, should be disclosed to explain the performance of the Group.
Paysafe provides digital payments and transaction-related solutions to businesses and consumers around the world. Paysafe makes transactions easy by enabling fast, convenient and secure ways to pay-before, pay-now and pay-later through its digital wallets, prepaid solution, payment processing and card issuing & acquiring products and services. We believe that every point of every payment should be relevant, simple and secure. With nearly two decades of experience, Paysafe is trusted by merchants, and by consumers in more than 200 countries and territories, to move and manage money via more than 100 payment types and 40 currencies. Paysafe offers multi-platform products with an emphasis on emerging payment technologies including mobile. Paysafe’s brand portfolio includes NETELLER® and Skrill®, paysafecard®, payolution® and FANS Entertainment. Paysafe Group plc shares trade on the London Stock Exchange under the symbol (PAYS.L). For more information, visit: www.paysafe.com.
For further information, contact:
Paysafe Group plc
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Gavin Haycock, SVP Corporate Communications
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