(Alliance News) - WAG Payment Solutions PLC's share price jumped over 10% after it said on Monday that full-year revenue would be 18% higher than 2020.
The UK-based pan-European payment platform operator, also known as Eurowag, expects to deliver at least EUR152 million in net revenue in 2021. According to Eurowag, this demonstrates the "continued delivery" of its growth strategy set out at its London initial public offering last year.
Eurowag shares were up 13% to 102.60 pence in London on Monday. However, the stock remains below October's IPO price of 150p.
The growth in revenue is due to meeting strong key performance indicators, with payment solutions customers rising by 14% year-on-year to around 15,000, and payment solutions trucks rising by 13% to 82,500 from 72,884. Trading in the fourth quarter remained strong, it added.
Eurowag expects adjusted earnings before interest, tax, depreciation and amortisation to be in line with estimates, thanks to strong revenue growth and operational gearing. It predicts an adjusted Ebitda margin trending into the high forties in the medium term.
Eurowag also revealed it has received competition clearance from authorities in Hungary and Romania for its fleet management Webeye acquisition, whose 57,000 connected trucks will significantly boost the company's customer base. It expects approval from Hungary's ministries of Interior and Innovation & Technology in the current quarter.
Martin Vohanka, Eurowag chief executive and founder, said: "We delivered strong organic growth in 2021 and enter 2022 with clear momentum, and confidence in the business, notwithstanding the uncertain operating environment. Eurowag has built a large payments acceptance network in Europe integrated with complementary mobility services putting it at the forefront of digital transformation of the commercial road transportation industry."
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Wag Payment (WPS)