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(Alliance News) - WAG Payment Solutions PLC on Tuesday reported a strong first half performance, as a result of higher energy prices and growth in the company's payment services.
The company, also known as Eurowag, processes toll and fuel payments for trucks around Europe.
For the six months that ended June 30, pretax profit increased 8.1% to EUR13.4 million from EUR12.4 million the same period a year before, on revenue which grew 48% year-on-year to EUR1.16 billion from EUR784.4 million.
Net energy and services sales rose 19% to EUR87.0 million from EUR72.9 million a year prior, through growth in customers and the consolidation of recent acquisition WebEye Telematics.
Looking ahead, Eurowag said it is performing in-line with management expectations in the year-to-date, and anticipates net energy & services sales for the third quarter of 2022 to reach at least EUR44.5 million.
In addition, in spite of deteriorating macroeconomic conditions, the company expects to deliver a resilient performance for 2022.
"Our business continues to grow scale, evidenced by the increasing number of active trucks using our payment solutions, and the expanding customer base provides more opportunities for effective cross-selling, which improves loyalty and drives revenue retention. Our robust balance sheet, which remains in a net cash position, provides significant headroom to further invest in our platform," said Chief Financial Officer Magdalena Bartos.
"Looking ahead, whilst there continues to be a high level of uncertainty, our expectations for the full year of 2022 remain unchanged and we anticipate delivering results in line with our mid-term financial guidance," Bartos added.
Shares in WAG Payment Solutions were down 1.0% at 91.80 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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