UK payment processor issues trading update

In a trading update ahead of its annual general meeting on the Isle of Man today (Wednesday) UK payment processor Paysafe plc said that for the four months ended 30 April this year revenues and EBITDA had exceeded management expectations, with key elements including:

* 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 $950 million – $970 million, ahead of market consensus of $911 million;

* 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.

* The company expects full year adjusted EBITDA to be in the range of $270 million – $276 million, compared to market consensus of $260 million.

Paysafe president and chief executive officer Joel Leonoff said in a statement:

“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.”

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