Leading global online payment provider Paysafe Group PLC has stated that they expect revenue for the year ended 31st December to exceed $1 billion which is ahead of the previous guidance and current market expectations.
The group has been focusing their energy on building a portfolio of payment-related services and products to satisfy the growing needs of consumers and businesses in this fast paced ever changing payment industry and has continued to see a strong momentum during the second half.
In Paysafe’s ‘unaudited’ full year trading update, the FTSE 250 listed payment provider stated that the group would see an excess of $1 billion in corporate revenues. In an update to investors, Paysafe governance announced 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.
Upon closing it’s 2016, Paysafe governance also disclosed their expectations of FY 2016 adjusted EBITDA to hit the $300 million mark.
They have remarked that their strong 2016 performance has been motivated by the efficient integration of newly acquired company assets along with their existing payments portfolio making Paysafe the outright leader in payments for the online gambling sector.
The group also continues to show strong cash conversions in addition to the growth in adjusted EBITDA which allows them to capitalise on market conditions with an inaugural share buy-back programme announced in December, without compromising the pursuit of bold M&A opportunities.
Paysafe CEO Joel Leonoff was pleased with their 2016 performance and commented on the trading update saying: “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 Our ongoing momentum underpins our confidence in our growth prospects for 2017.”