TIDMWPS
RNS Number : 0747A
Eurowag
18 January 2024
18 January 2024
W.A.G payment solutions plc
("Eurowag" or the "Group")
Trading Update
Robust performance, in-line with guidance
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 industry ("CRT"),
today announces an unaudited trading update for the 12 months
ending 31 December 2023.
Financial highlights for 12 months(1) :
-- Net revenue(2) for the full year is expected to be around
EUR256m (2022: EUR191m), representing 34% year-on-year growth. This
sustained growth is supported by organic growth from both new
customers and the cross-selling of new capabilities, as well as the
significant contribution of around EUR37m from our Inelo
acquisition.
-- Organic net revenue(3) is expected to be around EUR218m,
representing 14% year-on-year growth, in-line with guidance
announced at the half year results.
o Mobility solutions organic revenue(3) is expected to be around
EUR72m (2022: EUR56m), representing 28% year-on-year growth, driven
by the effective cross-selling and new automotive strategic
partnerships. Q4 23 organic revenue grew around 9% to EUR19m; the
reduction of quarter-on-quarter growth is due to a tougher
comparison against Q4 22 during which we won two large navigation
and telematics deals.
o Payment solutions organic revenue(3) is expected to be around
EUR146m (2022: EUR135m), representing 8% year-on-year growth. Q4 23
organic revenue grew around 6%, an improvement from flat growth
during Q3 23.
-- If we had acquired Inelo at the start of the financial year,
net revenue contribution to the Group would have been around
EUR47m.
Martin Vohánka, CEO and Founder said:
"I am pleased to end the year with a robust performance,
sustaining organic double-digit growth despite the challenging
macroeconomic conditions affecting the European CRT industry with
fewer miles being driven. This performance highlights the
resilience of our business model and mission-critical nature of our
offering, and demonstrates the success of our key strategic
initiatives, which include the diversification of our revenue mix
through acquisitions, expanding our customer base and geographic
reach and continued focus on cross-sell opportunities. We remain on
track to deliver the industry's first, fully integrated end-to-end
digital platform in Q4 2024, and we remain committed to our purpose
of transforming the CRT industry to make it clean, fair and
efficient."
Net revenue Year-on-year Organic revenue(3) Organic
growth (%)
(EURm) (EURm) year-on-year
growth (%)
Q4 2023 Q4 2022 Q4 2023
-------- -------- -------------- -------------------- ---------------
Payment solutions 41 38 7% 40 6%
-------- -------- -------------- -------------------- ---------------
Mobility solutions 31 17 83% 19 9%
-------- -------- -------------- -------------------- ---------------
Total 72 55 31% 59 7%
-------- -------- -------------- -------------------- ---------------
Net revenue Year-on-year Organic revenue(3) Organic
growth (%)
(EURm) (EURm) year-on-year
growth (%)
FY 2023(2) FY 2022 FY 2023
----------- -------- -------------- -------------------- ---------------
Payment solutions 147 135 9% 146 8%
----------- -------- -------------- -------------------- ---------------
Mobility solutions 109 56 95% 72 28%
----------- -------- -------------- -------------------- ---------------
Total 256 191 34% 218 14%
----------- -------- -------------- -------------------- ---------------
Operational highlights(1) :
-- The Group's financial performance was supported by strong
operational performance. At the end of Q4 2023:
o The average number of payment solutions active customers rose
year-on-year by 7% to 18,800 (2022: 17,522);
o The average number of payment solutions active trucks rose
year-on-year by 8% to 98,300 (2022: 90,980).
Outlook
Notwithstanding the sustained macroeconomic headwinds, the Board
does not anticipate any changes to the near-term guidance
communicated at the half year results.
We expect net revenue growth to be mid-teens in the near-term
and return to high teens in the medium-term. FY 2023 margin levels
should be in-line with FY 2022, at around 43%, and improve to
high-forties in the medium-term. Following the acquisition of
Webeye and Inelo, we expect ordinary capex to be at just above 10%
of net revenues, and at around 10% over the medium-term. Our
priority remains to reduce net debt to adjusted EBITDA to our
target leverage range of 1.5x to 2.5x.
Notes:
1. Please note the numbers are unaudited and are therefore
preliminary and growth rates may differ due to rounding. Final 2023
audited results for the Group are expected to be published on 26
March 2024.
2. Net revenue includes just over 9 months of contribution from
Inelo and subsequent synergies following the completion of the
acquisition.
3. Organic revenue excludes the contribution from Inelo.
ENQUIRIES
Eurowag
Carla Bloom
Head of Investor Relations and Communications
+44 (0) 789 109 4542
investors@eurowag.com
Instinctif Partners
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 and mobility platform focused on the Commercial
Road Transportation industry("CRT"). Eurowag's innovative solutions
makes life simpler for small and medium businesses in the CRT
industry across Europe through its unique combination of payments
solutions, seamless technology, a data-driven digital ecosystem and
high-quality customer service. https://investors.eurowag.com
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END
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