LONDON (Alliance News) - Paysafe Group PLC, previously known as Optimal Payments PLC, on Tuesday said that full-year revenue and earnings before interest, tax, depreciation and amortisation before "synergies" from the reverse takeover of Skrill are in line with management expectations, following "strong" trading in the third quarter.
The company, which completed the acquisition of digital payments rival Skrill in August, said the newly purchased business has "completely absorbed the continuing adverse impact previously disclosed in relation to Greece and is nonetheless trading in line with the management expectations set out at the time of the transaction".
Paysafe said the integration process is currently ahead of schedule, with about USD5.0 million to USD10.0 million of savings expected to be made by the end of the fourth quarter, ahead of management previously-expected first-quarter 2016 timeline.
"We are trading well due to the continued strength of our business, strong cost control and accelerated synergies arising from the Skrill acquisition. Our growing digital payments business, under our new Paysafe brand, is focused on delivering sustainable profitable growth and we are very pleased with the progress we are making," Chief Executive Joel Leonoff said in a statement.
Paysafe said it is continuing to seek admission of its shares to the London Stock Exchange's main market for listed securities. The stock is currently listed on AIM, the stock exchange's junior market.
"The company anticipates the earliest possible date at which the company will be considered for inclusion in the FTSE 250 index will be the quarterly review in March 2016," Paysafe said.
Shares in Paysafe were down 4.9% at 342.75 pence on Tuesday morning shortly after the open.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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