(Alliance News) - WAG Payment Solutions PLC on Tuesday said its performance in 2023 was in-line with expectations following a period of heavy investment.
The London-based company, known as Eurowag, operates a payment platform across Europe for the commercial road transport industry.
In 2023, it reported a pretax loss of EUR39.3 million, swinging from a profit of EUR28.0 million the year before.
Hurting its bottom line, it reported a non-cash goodwill impairment of EUR56.7 million, against none recorded in 2022.
Eurowag reported a 12% decline in revenue to EUR2.09 billion from EUR2.37 billion.
The company said net energy and services sales increased by 34% to EUR256.5 million from EUR190.9 million. Net energy and services sales were higher due to a 16% decline in the costs of energy sold to EUR1.83 billion.
Eurowag does not intend on paying a dividend, and will instead prioritise investment in growth.
Chief Executive Officer Martin Vohanka said: "2023 was a year of both significant strategic and financial transformation for the group, where we completed our largest ever acquisition and delivered further organic growth, despite a range of macroeconomic headwinds across Europe."
Looking ahead, Eurowag is confident in its outlook for 2024 with guidance remaining unchanged. The launch of its industry first integrated platform in the fourth quarter is expected to drive growth and the company hopes to benefit from synergies following its acquisition of Grupa Inelo SA, sealed last March, for up to EUR306 million.
Shares in Eurowag were down 1.0% to 70.10 pence in London on Tuesday morning.
By Elijah Dale, Alliance News reporter
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Wag Payment (WPS)