Paysafe Group plc (LSE: PAYS, “Paysafe” or the “Group”), a 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.
- 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 to be in the range of $270m – $276m, compared to market consensus of $260m.
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.