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Nuvei reports 19% revenue increase for Q2

Nuvei has published its Q2 2022 results, reporting revenue of $211.3m, an increase of 19% year-on-year.

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The payments provider's positive result comes despite an unfavourable impact on revenue by foreign currency exchange rates, to the tune of $9.4m.

Adjusted EBITDA stood at $92.9m, representing an increase of 17%.

Meanwhile, adjusted net income increased 16% to $74.7m, with a net income per diluted share of $0.23, compared to $0.26.

Adjusted net income per diluted share was $0.51, compared to $0.44.

Cash flow from operating activities amounted to $157.2m, an increase of 13%, while free cash flow increased by 22% to $163.3m.

Nuvei confirmed it exceeded its Q2 outlook for adjusted EBITDA, while reported revenue fell short of the expected range of between $217m and $233m.

This can be attributed to the negative impact of changes in foreign currency exchange rates, a change in volume mix from alternative payment methods (APMs) and higher volatility and lower volume than expected in digital assets and cryptocurrencies.

Nuvei reported an H1 revenue increase of 30%, with an adjusted EBITDA increase of 27%.

Operational highlights included a 22% increase in Q2 online gaming revenue, the addition of new APMs to increase the portfolio to 571 and the expansion of the board of directors with new appointees Maren Lau and Tim Dent.

Looking forward, Nuvei Chair and CEO Philip Fayer said: “We are amending our outlook for the remainder of the year due to unforeseen changes in currency, volatility in digital assets and cryptocurrencies, and caution with regard to global economic conditions.

“However, we are maintaining our medium and long-term targets, pursuant to which we aspire to achieve $1bn of annual revenue, as we continue to grow, scale and position Nuvei for a sustainable future, driven by our resilient and durable business model and our ongoing investments in people, technologies and geographies.”

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