Eurowag FY net revenues grow in line with medium-term guidance

Fleet management system provider Eurowag said on Thursday that net revenues had grown in line with medium-term guidance throughout 2022.

Eurowag said full-year net revenues were expected to be at least €189.0m, up roughly 24% from €153.0m a year earlier despite the "challenging" macroeconomic environment.

Organic net revenues were expected to be at least €181.0m, representing year-on-year growth of approximately 18%.

The FTSE 250-listed group said its "solid financial performance" was underpinned by its "strong" operational showing, with the average number of payment solutions active customers rising year-on-year by 13% to 16,900 and the average number of payment solutions active trucks increasing 7% to 88,100.

Looking ahead, Eurowag stated elevated risks and uncertainty with respect to the future of the European economy remained but said it continues to expect to deliver annual organic net revenue growth of between high-teens and low-twenties percent over the medium-term.

As of 0835 GMT, Eurowag shares were up 0.50% at 80.40p.

Reporting by Iain Gilbert at Sharecast.com