UK listed payment solutions provider, Paysafe Group plc which is traded on the London Stock Exchange (LON:LSE) under the ticker PAYS, today reported its audited preliminary results for the year ended 31 December 2015.
The company reported an increase year-on-year when compared to its 2014 totals across a number of key financial highlights. Growth in revenues was $356m to $613.4m, which is 68 per cent year-on-year. Together with adjusted EBITDA and adjusted profit after tax showing an increase from $68m to $108.7m or 60 per cent, which is reflecting an overall positive performance together with the inclusion of Skrill Group results from its acquisition in August 2015. Paysafe has also reported that the integration of Skrill is progressing well with accelerated synergy savings of approximately $10m achieved in 2015.
Operational highlights throughout the period include an increase in the scale and breadth of the Group’s payments technology product and services offering, customer base and geographic exposure. This has been significantly enhanced by the accretive acquisition of Skrill, the successful integration of US-based Meritus Payment Solutions and Global Merchant Advisors into the Group’s payments processing business and the acquisition of mobile platform development business FANS Entertainment completed in May 2015.
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More recently, in February 2016, Paysafe completed a transaction to acquire substantially all of the assets of Dallas-based MeritCard Solutions LP for an initial cash consideration of $16m NS up to a further $4m cash consideration, subject to the achievement of certain financial performance targets over two years. This acquisition broadens and deepens Paysafe’s payment processing sales capabilities and partner relationships in North America.
Commenting on the results, Chairman Dennis Jones said, “Last year was another year of continued strong performance across the entire business. The Paysafe team is focused on building on the successes of our operations across all the payment-related needs we serve. We are well positioned for opportunities to consolidate our position as a proven leader and trusted innovator in the payments industry.”
The positive momentum that delivered Paysafe’s 2015 results has continued into the early part of 2016 in line with company plans to increase the range of payment products and services it provides around the world.