Paysafe posts 'outstanding' first full year numbers
Payment solutions provider Paysafe posted its audited preliminary results for the 2016 calendar year on Tuesday, with year-on-year revenue growth of 63% to $1bn.
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The FTSE 250 firm said on an organic constant currency basis, revenue growth was 21%.
Adjusted EBITDA was up to $300.8m from $152.6m, with an adjusted EBITDA margin of 30.1% compared to 24.9% in 2015, while operating profit surged to $194.4m from $26.2m with an operating profit margin improving to 19.4% from 4.3%.
Adjusted profit after tax almost doubled to $213m from $108.7m, while statutory profit after tax was $142m, substantially ahead of the $7.4m posted in 2015.
Paysafe said adjusted, fully-diluted earnings per share were 42 cents, up from 26 cents, while statutory fully-diluted earnings per share were 28 cents, compared to two cents in the prior year.
Net debt was significantly reduced at $279.8m, down from $431.3m, with the company’s net debt to pro forma EBITDA ratio improving to 0.9x from 2.1x in 2015.
“This is our first full year as Paysafe, and it's been a year of continuing change, with growth, agility, and risk management at the heart of our business,” said chairman Dennis Jones.
“The management team has not only delivered on the promise of our Skrill acquisition but continued to grow and diversify our capabilities, while delivering an impressive financial performance.”
President and chief executive officer Joel Leonoff described the year as “great for the group, with an “outstanding” set of numbers.
“We have delivered strongly against our financial and strategic targets, passing $1bn in revenue for the first time and reporting adjusted EBITDA of $301m.
“We have big ambitions in a sector that is rapidly accelerating.”
Leonoff said the company would continue to invest strategically and have commenced development of its consolidated, comprehensive and scalable payments platform.
“I am confident in the group's ability to retain this positive momentum into 2017 and we are passionate about delivering the products and services to support the changing payment needs of consumers and merchants in an evolving digital economy.”