Paysafe Group plc: Annual General Meeting
May 09, 2017
Interim Management Statement
LONDON, 9 May 2017 - Paysafe Group plc (LSE: PAYS, “Paysafe” or the “Group”), a leading global payment provider, issues the following Interim Management Statement covering the first three months of the financial year 2017, ahead of the Annual General Meeting at 11.30am today in the Isle of Man.
- Paysafe continues to perform in line with management expectations expressed at the Group’s full-year results for 2016.
- Paysafe reiterates its FY 2017 guidance of low double-digit organic revenue growth, and to at least maintain a 30.1% adjusted EBITDA1 margin in FY 2017.
- Adjusted cash conversion2 remains strong. The Group continues to de-lever even after returning £22.4m of capital to shareholders in the form of a share buyback during the first three months of the year.
Paysafe President and Chief Executive Officer Joel Leonoff said:
“Paysafe has had a strong start to 2017 and each of our divisions is performing as expected.
Our business continues to benefit from the disciplined execution of our strategy. Paysafe is focused on driving sustainable organic growth, providing state-of-the-art technology, delivering relevant niche oriented payment solutions, nourishing an entrepreneurial company culture, and identifying and integrating bold acquisitions.
We believe Paysafe’s differentiated and relevant products and services position us very well in a rapidly-evolving payments industry.”
Paysafe provides digital payments and transaction-related solutions to businesses and consumers around the world. Paysafe is redefining payments by enabling fast, convenient and secure ways to pay before, pay now and pay later through its payment processing, digital wallets, prepaid solutions and card issuing, and acquiring products and services. We believe that every point of every payment should be relevant, simple and secure. With two decades of experience, Paysafe is trusted by businesses and consumers to move and manage money through 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®, MeritCard, paysafecard®, payolution®, Income Access 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
Andrew Griffin, SVP Market Intelligence and Investor Relations
+44 (0) 20 3826 9800 / firstname.lastname@example.org
JJ Aiston, Investor Relations Manager
+44 (0) 20 7608 4249 / email@example.com
Gavin Haycock, SVP Corporate Communications
+44 (0) 20 3826 9767 / firstname.lastname@example.org
Brunswick Group LLP
Brian Buckley / Rowan Brown
+44 (0) 20 7404 5959 / email@example.com
1 Adjusted EBITDA is an alternative performance measure that the Group uses to communicate the underlying operating profit performance of the Group. Adjusted EBITDA is defined as results of operating activities before depreciation and amortisation, share-based payment expense, fair value gains and losses on share consideration payable, foreign exchange gains and losses, and gains and losses on disposals of assets. It is also adjusted for exceptional or non- recurring items which are defined as items of income and expense of such size, nature or incidence that, in the view of management, are not reflective of the underlying performance of the Group and should be disclosed to explain the performance of the Group.
2 Adjusted free cash conversion is an alternative performance measure the Group has adopted to demonstrate our ability to convert our EBIT growth into cash that can be reinvested in the business through investment, returned to shareholders, or used to support our strategic pillar of bold M&A.