Paysafe Group plc (LSE:PAYS), an online payments and money transfer service and solutions provider, has announced a trading update for the fiscal year ending December 31, 2016, according to a corporate statement.
The UK listed group is expecting an FY 2016 revenue in the range of $970 – $990 million, helped in large part by a robust product line and its business expansion – this included an estimated group revenue in H2 2016 that had swelled to $487 million compared with $223 million in H1 2015.
Earlier in August, Paysafe reported that the integration of digital payments business Skrill Group is complete and that it expects to recognise in excess of the $40 million synergies envisaged at the time of the transaction over FY 2016.
6 Trading Styles You Should KnowGo to article >>
In addition to Skrill, Paysafe’s brand portfolio now includes NETELLER and MeritCard, paysafecard, payolution, Income Access and FANS Entertainment.
Moreover, over the same period ending December 31, 2016, Paysafe is also portending an FY 2016 adjusted EBITDA in the range of $287 – $293 million, based on an adjusted EBITDA margin of 29.6%, demonstrating a strong close to the fiscal year.
Commenting on the results, Joel Leonoff President and CEO of Paysafe said: “I am delighted to report that we are on track to achieve the upgraded revenue and adjusted EBITDA projections for the current financial year which we set out at the time of our Half-Year results in August, all while maintaining our focus on further expanding our payments business and enhancing our core technology platform.”
“We remain focused on delivering innovative payment solutions that serve the evolving needs of the merchants we work with and look forward to updating the market on our FY 2016 results in early 2017,” he added.
As part of its growth plans, Paysafe continues to invest in its compliance and risk management functions, along with the geographic expansion of the group’s paysafecard business. Back in September, Finance Magnates reported bout the firm when it acquired Income Access Group (Income Access), an affiliate technology business for $30 million in a bid to expand its product capabilities.