TIDMWPS
RNS Number : 1941N
Eurowag
19 January 2023
19 January 2023
EUROWAG
Trading Update
Continued positive trading momentum; net revenue growth for the
full year in-line with medium term guidance
W.A.G payment solutions plc ("Eurowag", or the "Group") a
leading pan-European integrated payments & mobility platform
focused on the Commercial Road Transportation ("CRT") industry,
today announces an unaudited trading update for the 12 months
period ending 31 December 2022.
Financial highlights(1)
-- Net revenue for the full year is expected to be at least
EUR189m (FY 2021: EUR153m). This represents a year-on-year growth
rate of approximately 24%, demonstrating the resilience of our
business model and the importance of our mission critical solutions
to the CRT industry, despite the challenging macroeconomic
environment.
-- Organic net revenue, excluding the acquisition of Webeye, is
expected to be at least EUR181m, representing year-on-year growth
of approximately 18%, in-line with medium term guidance.
Net revenue Year-on-year Organic Organic
growth (%) revenue(2)
(EURm) (EURm) year-on-year
growth (%)
Unaudited Audited Unaudited
FY 2022 FY 2021 FY 2022
---------- --------- ------------- ------------ ---------------
Payment solutions 134 113 19 133 18
---------- --------- ------------- ------------ ---------------
Mobility solutions 55 40 38 48 20
---------- --------- ------------- ------------ ---------------
Total 189 153 24 181 18
---------- --------- ------------- ------------ ---------------
Operational highlights(1)
-- The Group's solid financial performance was underpinned by
strong operational performance. At the end of FY 2022:
- The average number of payment solutions active customers rose
year-on-year by 13% to 16,900 (FY 2021: 15,020);
- The average number of payment solutions active trucks rose 7% to 88,100 (2021: 82,640).
Notes:
1. Please note the numbers are unaudited and are therefore
preliminary. Final 2022 audited results for the Group are expected
to be published on 16 March 2023.
2. Organic revenue excludes net revenues from our Webeye acquisition.
Strategic highlights
Update on the proposed acquisition of Inelo
In October 2022, the Group reached an agreement for W.A.G.
payment solutions a.s., a wholly-owned subsidiary of Eurowag, to
acquire 100% of the share capital of Inelo for up to EUR306 million
(subject to certain closing adjustments). Inelo is a leading fleet
management solutions provider with mission critical Working Time
Management software in Poland, the largest CRT market in Europe,
with critical mass in Slovenia, Croatia and Serbia. Along with a
larger geographic footprint, the proposed acquisition would also
roughly double Eurowag's number of connected trucks, adding
approximately 87,000(3) connected trucks to Eurowag's platform.
Following the announcement, the Company has subsequently
received foreign direct investment regulatory and antitrust
approval from the relevant authorities in Poland, North Macedonia
and Slovenia. The shareholder circular and Notice of General
Meeting is expected to be sent to shareholders in early 2023,
following the approval of the FCA, with completion expected in Q1
2023.
Updated agreement with Sygic a.s.
In December 2022, the Group entered into an agreement to acquire
the remaining 30% equity interest in Sygic a. s. ("Sygic") for a
total consideration of EUR14.4 million. The consideration and
ownership of the 30% equity interest is to be payable and
transferred in April 2024, in line with the original option
agreement. Having full control of Sygic's resources will allow the
Group to fully utilise Sygic's digital expertise and people
capabilities, which will enable us to accelerate our digital sales
channel and integrated product initiatives.
Outlook
Looking ahead, there continues to be elevated risks and
uncertainty with respect to the future of the European economy.
That being said, as a result of Eurowag's compelling strategy and
resilient business model, the Board continues to expect over the
medium-term to deliver annual organic net revenue growth of between
high-teens and low-twenties percent. Following the completion of
the proposed Inelo acquisition the change in revenue mix may impact
the pace of adjusted EBITDA margin trending from mid-forties into
the high-forties over the medium-term. However, the revenue
contribution from the mobility solutions segment is expected to
increase substantially, strengthening the Group's
subscription-based revenues.
Martin Vohánka, CEO and Founder said:
"I am pleased to announce that we have ended the year with
another strong quarter, maintaining the positive momentum we saw in
the first nine months of the year. This performance once again
demonstrates the resilience of our business model, as well as the
mission critical nature of the solutions we provide to the CRT
industry across Europe. Whilst it's been a challenging year with
the war in Ukraine and supply chain disruptions, I would like to
thank all our colleagues for their hard work for helping our
customers stay on the road throughout 2022.
We made excellent progress towards achieving our strategic
ambitions in 2022, which focus on both organic and inorganic
growth. In the year, we expanded our customer base, customer
solutions and geographic presence with the new strategic
partnership with JITpay, the acquisition of WebEye and the proposed
acquisition of Inelo. Together with the progress we made in
developing our own digital capabilities, takes us one step closer
to achieving our vision of creating a fully integrated digital
end-to-end platform for our customers. Despite the challenging
macroeconomic conditions, it is clear that our platform has the
potential to transform the CRT industry for the better, and so we
enter 2023 with confidence. "
3 Inelo connected trucks represent the number of medium and
heavy commercial vehicles over 3.5 tonnes that have an Inelo
on-board unit installed within the vehicle.
ENQUIRIES
Eurowag
Carla Bloom
Head of Investor Relations and Communications
+44 (0) 789 109 4542
investors@eurowag.com
Instinctif Partners
Tim McCall, Galyna Kulachek, Bryn Woodward
IR and international media
+44 (0)20 7457 2020
eurowag@instinctif.com
About Eurowag
Eurowag was founded in 1995 and is a leading pan-European
integrated payments & mobility platform focused on the
Commercial Road Transportation ("CRT") industry. Eurowag's
innovative solutions makes life simpler for small and medium
businesses in the CRT industry across Europe through its unique
combination of payments solutions, seamless technology, a
data-driven digital ecosystem and high-quality customer service.
https://investors.eurowag.com
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END
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