25 April 2024
W.A.G payment solutions plc
Trading Update
Continued momentum into 2024, in-line with expectations
W.A.G payment solutions plc ("Eurowag", or the "Group") a leading pan-European integrated payments and mobility platform focused on the commercial road transportation industry ("CRT"), today announces its trading update for the three-month period ending 31 March 2024.
Martin Vohánka, CEO and Founder said:
"We delivered double-digit organic revenue growth in the first quarter despite the continued macroeconomic headwinds across
Q1 financial highlights:
· Net revenue grew 31.0% to
· Organic net revenue grew 10.0% to
o Payment solutions organic revenues grew 8.2%1 (Q4 23: 7.6%), supported by 10.8% growth in active trucks and increasing Toll revenue due to implementation of CO2 charges in
o Mobility solutions organic revenues grew 14.7%1 (Q4 23: 9.8%) as a result of effective cross-selling.
· Net revenue for the last twelve months grew 34.3% to
|
Net revenue (€m) |
Year-on-year growth (%) |
Organic year-on-year growth (%) |
|
|
Q1 2024 |
Q1 2023 |
|
|
Payment solutions |
39.2 |
35.9 |
9.2% |
8.2% |
Mobility solutions |
29.1 |
16.2 |
79.3% |
14.7% |
Total |
68.4 |
52.2 |
31.0% |
10.0% |
|
Net revenue (€m) |
Year-on-year Growth (%) |
Organic year-on-year growth (%) |
|
|
12 months to 31 March 2024 |
12 months to 31 March 2023 |
|
|
Payment solutions |
150.3 |
140.7 |
6.8% |
6.4% |
Mobility solutions |
122.4 |
62.4 |
96.1% |
22.4% |
Total |
272.7 |
203.1 |
34.3% |
11.2% |
Note: 1. Organic growth represents Group growth excluding Inelo and related synergies.
Q1 operational highlights
· Revenue growth continues to be supported by strong non-financial KPI performance:
o Average number of payment solutions active customers rose from 17,843 in Q1 2023 to 19,232 in Q1 2024, representing 7.8% year-on-year growth.
o Average number of payment solutions active trucks rose from 91,288 in Q1 2023 to 101,183 in Q1 2024, representing 10.8% year-on-year growth. The quarter-on-quarter growth was a result of a focus by the sales teams on new acquisitions across our markets, building a customer base to support our move to a greater subscription model in the future.
Q1 strategic highlights
· Implemented the next phase of the new ERP system in January.
· Added new acceptance points to our network in
· Rolled out mobile payments to c.600 acceptance points in
· Successfully launched European Electric Toll Services in
M&A updates
· Today, Eurowag announced the restructuring of the option for the remaining 19% equity shareholding in FireTMS. Eurowag will buy 7.6% of the equity shareholding for
Outlook and guidance
· Near and medium-term guidance reconfirmed: FY 2024 adjusted EBITDA margins are expected to remain in-line with FY 2023, at around 43%, and grow over the medium-term, and the net debt to adjusted EBITDA ratio is expected to be moderately above the target range of 1.5x to 2.5x at FY 2024, with a priority to return within the range in FY 2025.
ENQUIRIES
Eurowag
Carla Bloom
Head of Investor Relations and Communications
+44 (0) 789 109 4542
Powerscourt
Justin Griffiths, Gilly Lock
IR and international media
+44 (0)20 7250 1446
About Eurowag
Eurowag was founded in 1995 and is a leading technology company and an important partner to
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