Paysafe FY earnings and revenue to top consensus

Paysafe shares rallied on Wednesday as the FTSE 250 payments processor said full-year revenue and earnings are now expected to be ahead of market consensus.

In a trading update for the four months to 30 April, the company said it sees revenue in the range of $950m to $970m versus consensus of $911m. It expects full-year adjusted earnings before interest, tax, depreciation and amortisation of $270m to $276m, compared to consensus of $260m.

Paysafe said the positive momentum from full-year 2015 has continued throughout the period to date, with strong growth in Payment Processing and Digital Wallets contributing to a particularly favourable performance year to date.

The integration of Skrill remains on track to be substantially completed during the third quarter and the final update on the integration project will be given with the first half results.

Chief executive officer Joel Leonoff said: "I am delighted to report such a strong performance for the group in the first four months of the year.

“As a result of the positive momentum across our business, we expect to deliver full year revenue and adjusted EBITDA ahead of market expectations. We look forward to providing a further update when we announce our half year results."

At 0915 BST, shares were up 7.5% to 419.00p.