(Alliance News) - WAG Payment Solutions PLC on Thursday said its revenue jumped by almost a third, as the recent Main Market listing reported growth in line with expectations for 2021.
The company, also known as Eurowag, processes toll and fuel payments for trucks around Europe.
In 2021, its revenue jumped 31% to EUR1.65 billion from EUR1.25 billion in 2020.
Pretax profit, however, fell 39% to EUR17.7 million from EUR28.8 million. Employee expenses rose 34% to EUR55.7 million, while other operating expenses climbed 68% to EUR41.3 million.
"In 2021 we delivered a strong performance with all key financial metrics in line with our mid-term financial guidance. As we move into 2022, we expect to continue to increase penetration in our existing markets supported by effective go-to-market strategies which will be enhanced by our digital sales channel," the company said.
Trading so far in the new financial year has been in line with expectations.
Eurowag added: "The group has limited exposure to Russia and Ukraine, which together accounted for less than 0.1% of group net energy and services sales in 2021. We discontinued our payments network in Russia and we continue our operations in Ukraine to the extent supplies are available. Direct impact of discontinued or disrupted operations is immaterial to the group's revenues."
Eurowag floated in October, pricing its initial public offering at 150 pence per share.
The stock was up 9.8% at 90.00 pence each in London on Thursday morning, down 40% from its IPO price.
By Eric Cunha; ericcunha@alliancenews.com
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Wag Payment (WPS)