19th Jan 2023 10:41
(Alliance News) - WAG Payment Solutions PLC on Thursday said it estimates 2022 revenue rose by a quarter as customer numbers continued to increase.
WAG Payment Solutions, known as Eurowag, processes toll and fuel payments for trucks around Europe.
The company said it expects to report net revenue for 2022 of at least EUR189 million, increasing 24% from EUR153 million in 2021. Eurowag said this increase shows the resilience of its business model and "the importance of our mission critical solutions to the [commercial road transport] industry, despite the challenging macroeconomic environment".
Organic revenue, excluding the company's acquisition of WebEye Telematics Zrt in July, is expected to be up 18% at EUR181 million, in line with medium term guidance.
Eurowag said the average number of payment solutions active customers increased 13% to 16,900, from 15,020 a year ago. The average number of payment solutions active trucks was 88,100, up 7% from 82,640.
The company said its proposed acquisition of Grupa Inelo SA has received foreign direct investment regulatory and antitrust approval from Polish, North Macedonian and Slovenian authorities. The acquisition is expected to be completed in the first quarter of 2023. Eurowag agreed to acquire the fleet management company in October for EUR306 million.
The company also noted that it will acquire the remaining 30% of Sygic AS for EUR14.4 million, with the acquisition, agreed in December, to be completed in April 2024, the timing of which Eurowag said was in line with the original option agreement.
Founder & Chief Executive Officer Martin Vohanka said: "We made excellent progress towards achieving our strategic ambitions in 2022, which focus on both organic and inorganic growth. In the year, we expanded our customer base, customer solutions and geographic presence with the new strategic partnership with JITpay, the acquisition of WebEye and the proposed acquisition of Inelo.
"Despite the challenging macroeconomic conditions, it is clear that our platform has the potential to transform the CRT industry for the better, and so we enter 2023 with confidence."
The company said it expects to continue to deliver percentage net revenue growth in the high-teens or low-twenties.
Eurowag shares were unchanged, trading at 80.00 pence per share on Thursday morning in London.
By Harvey Dorset, Alliance News reporter
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