TIDMWPS
RNS Number : 2918X
Eurowag
25 April 2023
25 April 2023
EUROWAG
Trading Update
A strong first quarter, with the integration of Inelo
underway
W.A.G payment solutions plc ("Eurowag", or the "Group") a
leading pan-European integrated payments and mobility platform
focused on the Commercial Road Transportation ("CRT") industry,
today announces its trading update for the three-month period
ending 31 March 2023.
Martin Vohánka, CEO and Founder said :
"Eurowag has delivered a strong first quarter, maintaining the
momentum we saw at the start of 2023. These results further
highlight the resilience of our business model and the importance
of our solutions to our customers. In-line with our strategy, we
continue to focus on growing our footprint and services through
organic and selective inorganic opportunities. With the completion
of Inelo we have expanded into important new geographies and
brought leading fleet management solutions and Working Time
Management software into our product suite.
We have a lot to do this year and our focus remains on
integrating the businesses we acquired over the last twelve months
so we can capture the expected revenue and cost synergies and
deliver our vision of providing a fully integrated end-to-end
platform. We are also committed to reducing our leverage to within
the 1.5x-2.5x net debt to adjusted EBITDA guidance range in the
near term. Our platform continues to be enhanced through our
transformational capex programme, which is on track to finish at
the end of the year. All this alongside a strong first quarter,
continues to give me confidence in delivering the medium
term-guidance."
Financial highlights
-- First quarter net revenue grew 30.7%, to EUR52.2(1) million,
which was supported by continued organic growth driven by our
resilient business model and our mission critical services and
attractive contributions from acquisitions.
-- First quarter organic net revenue grew 16.6% to EUR46.5
million, in-line with management expectations.
-- If we had acquired Inelo at the start of the year, first
quarter net revenue contribution to the Group would have been
EUR11.1 million.
-- Last twelve months organic net revenue grew 19.7% to EUR189.4 million.
N et revenue Year-on-year O rganic Organic
(EURm) growth revenue year-on-year
(%) (EURm)(2) growth
(%)
Q1 2023(1) Q1 2022
----------- -------- ------------- ----------- --------------
Payment solutions 35.9 30.1 19.4 35.4 17.8
----------- -------- ------------- ----------- --------------
Mobility solutions 16.2 9.8 65.1 11.1 12.8
----------- -------- ------------- ----------- --------------
Total 52.2 39.9 30.7 46.5 16.6
----------- -------- ------------- ----------- --------------
N et revenue Year-on-year O rganic Organic
(EURm) growth revenue year-on-year
(%) (EURm)(2) growth
(%)
12 months 12 months
to 31 March to 31 March
2023 2022
------------- ------------- ------------- ----------- --------------
Payment solutions 140.7 116.6 20.7 139.2 19.3
------------- ------------- ------------- ----------- --------------
Mobility solutions 62.4 41.7 49.7 50.3 20.5
------------- ------------- ------------- ----------- --------------
Total 203.1 158.3 28.3 189.4 19.7
------------- ------------- ------------- ----------- --------------
Notes: 1. Net revenues include 15 days contribution from Inelo
following the completion of the acquisition.
2. Organic revenues exclude the contribution from Webeye and
Inelo.
Operational highlights
-- Revenue growth continues to be supported by strong non-financial KPI performance:
o The average number of payment solutions active customers rose
from 16,221 in Q1 2022 to 17,843 in Q1 2023, representing 10.0%
year on year growth.
o The average number of payment solutions active trucks rose
from 87,085 in Q1 2022 to 91,288 in Q1 2023, representing 4.8% year
on year growth.
Strategic highlights
Completion of Inelo
On the 15(th) of March, following receipt of Eurowag shareholder
approval, the Group completed the acquisition of Inelo and the
integration of the company commenced. Following a significant
planning exercise prior to closing, the Group has focused on
welcoming our new colleagues and customers, integrating our
commercial teams and started actioning on our detailed roadmaps. At
completion Inelo had around 87,000 connected trucks(3) . The Group
remains on track to extract the synergies anticipated from the
acquisition and deliver double-digit adjusted earnings accretion in
the first full year of ownership.
3. Inelo's connected trucks represent the number of medium and
heavy commercial vehicles over 3.5 tonnes that have an Inelo
on-board unit installed within the vehicle .
Sustainability
As part of the refinancing project last September for our new
Multicurrency Term and Revolving Facilities Agreement, we have been
negotiating with the lenders to include some of our medium term ESG
targets within the KPIs. These ESG targets include reduction of GHG
emmissions for us as a business and our customers and female
leadership in the organisation . The agreement, which is soon to
conclude, will include applicable margin adjustments relating to
our committed facilities, should we meet or not meet our ESG
targets. The first applicable year will be from FY 2024, based on
FY 2023 results. This commitment will further drive incentivization
across our organization to ensure we meet our targets and shows our
commitment to making the industry clean, fair and efficient.
Outlook
There has not been any significant deterioration in the economic
and macro environment since the Group confirmed its medium-term
guidance at the year-end results on the 16 March 2023. As a result,
with Eurowag's strong first quarter performance, the Board have
confirmed the Group's medium-term guidance.
Directorate changes
The Group is pleased to announce the appointment of Steve
Dryden, as an Independent Non-Executive Director of the Company
with effect from 1 June 2023. He will also be appointed as the
Chairman of the Audit and Risk Committee, and as a member of both
the Remuneration Committee and the Nomination Committee, with
effect from the same date.
Steve is a highly regarded and experienced business leader who
brings significant financial and audit leadership experience and
business acumen to the Board. Most recently, he served as Chief
Executive Officer of Flint Group Holdings SARL and has previously
held the position of Group Finance Director of DS Smith plc. Steve
achieved his professional accountancy qualifications with
PriceWaterhouse and holds a degree in chemical engineering from
Leeds University.
The Group further announces that Caroline Brown does not intend
to seek re-election to the Board at the Company's Annual General
Meeting ('AGM') on 11 May 2023. Caroline will formally retire from
the Board at the conclusion of the AGM to pursue other business
interests.
You can find the full press release on the directorate changes
on the corporate website
https://investors.eurowag.com/investors/regulatory-news/
ENQUIRIES
Eurowag
Carla Bloom
Head of Investor Relations and Communications
+44 (0) 789 109 4542
investors@eurowag.com
Instinctif Partners
Tim McCall, Galyna Kulachek, Bryn Woodward
IR and international media
+44 (0)20 7457 2020
eurowag@instinctif.com
About Eurowag
Eurowag was founded in 1995 and is a leading pan-European
integrated payments & mobility platform focused on the
commercial road transportation industry. Eurowag's innovative
solutions makes life simpler for small and medium businesses in the
Commercial Road Transportation industry across Europe through its
unique combination of payments solutions, seamless technology, a
data-driven digital eco-system and high-quality customer service.
www.eurowag.com
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END
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