Paysafe profits for 2016 set to hit $300m for the first time

afe Group shares edged higher today after the FTSE 250 listed payment provider issued an ‘unaudited’ full-year trading update, stating that the combined momentum of its enlarged group would see the firm exceed $1bn in corporate revenues.

Paysafe governance updated investors, stating 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.

In an update to investors, the group’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) are expected to hit the $300m mark for the first time.

Due to effective integration of newly acquired company assets, combined with the firm’s existing payments portfolio, the company resulted in a strong 2016 performance, 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 to capitalise on market conditions with an inaugural share buy-back programme announced in December, without compromising any of the “bold mergers and acquisitions opportunities”.

Joel Leonoff, Paysafe CEO comments: “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. We are well prepared for the additional levels of customer due diligence expected as part of forthcoming regulatory requirements, including anti-money laundering legislation in Europe. Operating amid regulatory change is simply business as usual for Paysafe.”