Paysafe Group on track to hit financial targets

Paysafe Group has said that is performing in line with management expectations and is set to achieve double-digit organic revenue growth for the full year.

Speaking in an interim management statement ahead of the company’s annual general meeting today (Tuesday), Paysafe said it is on target to at least maintain a margin of 30.1% in terms of adjusted earnings before interest, tax, depreciation and amortisation in 2017.

The payments company, which owns brands such as Neteller and Paysafecard, said that adjusted cash conversion remains “strong”, while it is also continuing to de-lever, “even after returning £22.4 million (€26.6 million/$29 million) of capital to shareholders”, in the form of a share buyback during the opneing three months of the year.

Joel Leonoff, president and chief executive of Paysafe, said: “Paysafe has had a strong start to 2017 and each of our divisions is performing as expected.

“Our business continues to benefit from the disciplined execution of our strategy.

“Paysafe is focused on driving sustainable organic growth, providing state-of-the-art technology, delivering relevant niche oriented payment solutions, nourishing an entrepreneurial company culture, and identifying and integrating bold acquisitions.

“We believe Paysafe's differentiated and relevant products and services position us very well in a rapidly-evolving payments industry.”

Related article: http://www.igamingbusiness.com/news/paysafe-passes-1bn-revenue-mark-first-time