Digital payments giant Paysafe Group has posted 63% year-on-year growth in its preliminary full year results for 2016, raising company revenue over $1bn for the first time.
Operating profit margin also soared in 2016 to 19.4% (up from (4.3% in 2015); statutory operating profit was reported at $194.4m.
Adjusted EBITDA almost doubled, from 2015’s figure of $152.6m to $300.8m. EBTBA margin rose from 24.9% in 2015 to 30.1% in 2016.
Other key figures from the report included the company’s net debt, which has been reduced to $279.8m, a 0.9x factor of the last 12 months’ adjusted pro-forma EBITDA.
The results are the company’s first since the merger of Optimal and Skrill, which joined to form Paysafe in late 2015.
Commenting on the results, Paysafe Chairman Dennis Jones said: “This is our first full year as Paysafe, and it’s been a year of continuing change, with growth, agility, and risk management at the heart of our business. The management team has not only delivered on the promise of our Skrill acquisition but continued to grow and diversify our capabilities, while delivering an impressive financial performance.”
President and Chief Executive Officer Joel Leonoff said: “It has been a great year for the Group and I’m pleased to report an outstanding set of numbers. We have delivered strongly against our financial and strategic targets, passing $1bn in revenue for the first time and reporting adjusted EBITDA of $301m.
“We have big ambitions in a sector that is rapidly accelerating. We will continue to invest strategically and have commenced development of our consolidated, comprehensive and scalable payments platform. I am confident in the Group’s ability to retain this positive momentum into 2017 and we are passionate about delivering the products and services to support the changing payment needs of consumers and merchants in an evolving digital economy.”
The report also projected an initial outlook for 2017, including expectations of low double digit organic revenue growth in 2017 and maintenance of 2016’s 30.1% adjusted EBITDA margin.
In a separate announcement, Paysafe Group also revealed that former Hoffman-La Roche pharmaceutical division CIO Jennifer Allerton and former Colgate-Palmolive UK and France Managing Director Karen Guerra have been appointed as non-executive directors of the company.
The crowdfunding was part of a £22m funding round that will support the launch of a current account facility.
BT launches innovative showcase to help financial services create secure digital customer experiences
Get a glimpse into BT’s new banking and insurance showcase at Adastral Park.
Credorax discusses the importance of cross-border payments and how choosing the right acquirer can determine future success.
RBS is closing 158 bank branches which will put over 400 jobs at risk.