Paysafe forecasts more than $1bn in revenue for 2016
Paysafe Group has said in a trading update that it expects to generate over $1 billion (€939 million) in revenue during the 2016 financial year.
The Neteller, Skrill and Paysafecard owner had initially forecast revenue of $868 million for the 12 months to December 31, 2106, but a “strong business performance” during the year led to this being increased twice. The most recent revenue forecast had placed expectations at between $970 million and $990 million.
The payments group also said that earnings before interest, tax, depreciation and amortisation (EBITDA) for the full year should reach $300 million for the first time, ahead of the initial forecast of $252 million made at the start of 2016.
In response to business performance, the company raised its full-year EBITDA guidance to between $287 million and $293 million.
Joel Leonoff, chief executive of Paysafe, said: “We have delivered another excellent financial performance and expect to surpass $1 billion in revenue, an impressive milestone of which we are extremely proud.
“We have longstanding expertise in the payments industry, and we have made targeted investments in both our technology and our risk and compliance processes through the year.
“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.
“We continue to execute on our vision to offer feature-rich and relevant payment solutions that address the specific needs of the businesses and industry verticals we operate in and the consumers we serve.
“We have big ambitions this year as we focus on building a payments business with unrivalled capabilities, reach and relevance to enable us to capitalise on the opportunities ahead.”
Paysafe expects to announce its final results for the year March 7.
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