Eurowag posts 34% in annual revenues as new customers spur growth

Freight and road payments company Eurowag said annual revenues were expected to jump by more than a third, driven by new customers and cross-selling opportunities.

Net revenue for the full year is expected to be around €256m, up 34% year-on-year, with an extra boost of around €37m from its Inelo acquisition.

"I am pleased to end the year with a robust performance, sustaining organic double-digit growth despite the challenging macroeconomic conditions affecting the European CRT industry with fewer miles being driven,” said founder and chief executive Martin Vohánka.

“Notwithstanding the sustained macroeconomic headwinds, the board does not anticipate any changes to the near-term guidance communicated at the half year results.”

Eurowag expects net revenue growth to be mid-teens in the near-term and return to high teens in the medium-term.

Reporting by Frank Prenesti for Sharecast.com