Paysafe growth slows despite strong year
The rapid growth of Paysafe hasn’t continued despite the company having another strong year. UK-based Paysafe are a provider of payment solutions and digital wallets as well as online cash solutions.
Growth levels fell to 12% organic year-on-year and 11% statutory revenue. Perhaps this was somewhat inevitable considering the 118% year-on-year revenue growth experienced in the company’s last H1 report compared to just 11% in their latest.
On the flip side the report showed a 31.4% adjusted EBITDA compared to last year’s 30.% as a result of “improved gross margins in the payment processing and digital wallets division”.
Paysafe is now growing at a steady rate as opposed to its rapid growth last year. Its stocks are staying around 600p per share, after the recent acquisition by Blackstone and CVC.
Paysafe Chairman, Dennis Jones said: “After exceptional trading in 2016, Paysafe Group has returned to a more sustainable level of low-double-digit revenue growth in the first half of 2017. This reflects our increasingly diversified set of businesses as the management team continues to build a stable and robust global payments platform.
“To that end, we were pleased to announce the acquisition of US-based MCPS in July, which strengthens our processing business, increases Paysafe Group’s scale in North American acquiring and helps us to continue re-balancing our portfolio away from online gambling.”
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