25th Apr 2024 11:55
WAG Payment Solutions PLC - London-based company known as Eurowag that operates toll payment platform across Europe for commercial road transport industry - Reports strong rise in revenue in the first quarter of the year, mostly thanks to both acquisitions and organic growth. Net revenue in the three months ended March 31 is EUR68.4 million, up 31% from EUR52.2 million a year before. Within this is 10% in organic revenue growth. Net revenue in the larger Payment solutions business is EUR39.2 million, up 9.2% from EUR35.9 million, almost all organic at 8.2%. Mobility solutions revenue is up 79% to EUR29.1 million from EUR16.2 million. Within this, organic growth is 15%. Looking ahead, Eurowag confirms its near- and medium-term guidance. Adjusted earnings margin is expected to remain in line with 2023 at 43% in 2024 before growing in the medium-term.
Eurowag also says it will buy more shares of FireTMS, of which it already owns 81% and has an option for the remaining 19%. Eurowag will buy a further 7.6% stake for EUR3.4 million. The remaining 11.4% will remain subject to the option to buy in the first half of 2026. The 81% stake in FireTMS came with Eurowag's EUR306 million acquisition last year of Grupa Inelo SA in Poland. Eurowag says it will use FireTMS's expertise for its new digital platform.
Current stock price: 65.60 pence
12-month change: down 31%
By Tom Waite, Alliance News editor
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