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(Alliance News) - WAG Payment Solutions said on Tuesday its revenue in the first three months of the year saw double-digit growth.
WAG Payment Solutions, known as Eurowag, is a London-based company that processes toll and fuel payments for trucks around Europe.
The company reported its net revenue for the first quarter of 2023 was EUR52.2 million, up 31% from EUR39.9 million the year prior. This was driven by a resilient business model, mission-critical services and attractive contributions from acquisitions, the company said.
Organic net revenue for the period was in-line with management expectations, growing 17% to EUR46.5 million.
Eurowag noted that if acquired at the start of the year, Inelo would have contributed EUR11.1 million in net revenue. The completion of the EUR306 million acquisition took place in March.
Looking ahead, the company said its medium-term guidance, which it first reported on March 16 in its year-end results, had not seen "any significant deterioration."
Chief Executive Officer & Founder Martin Vohanka said: "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."
Shares in Eurowag were up 2.1% at 98.00 pence each in London on Tuesday morning.
By Sabrina Penty; Alliance News reporter
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