Issuing an ‘unaudited’ full-year trading update, FTSE 250 listed payment provider Paysafe Group stated that combined momentum of its enlarged group would see the firm exceed $1 billion in corporate revenues.
Updating investors, Paysafe governance stated that a strong second half to FY 2016 would see the company report top-line metric guidance towards the upper end of its corporate guidance.
Closing its 2016, Paysafe governance further detailed that it expects FY 2016 adjusted EBITDA to hit the $300 million mark.
Paysafe governance noted that its strong 2016 performance, had been driven by the effective integration of new acquired company assets, combined with the firm’s existing payments portfolio making Paysafe the outright leader in payments for the online gambling sector.
In addition to growth in adjusted EBITDA, the board said it continued to demonstrate strong cash conversion, enabling it to capitalise on market conditions with an inaugural share buy-back programme announced in December, without compromising the pursuit of bold mergers and acquisitions opportunities.
Commenting on the trading update, Paysafe CEO Joel Leonoff was pleased with 2016 performance, stating “Our ongoing momentum underpins our confidence in our growth prospects for 2017. We have delivered another excellent financial performance and expect to surpass $1bn in revenue, an impressive milestone of which we are extremely proud,”