Paysafe Group plc: Unaudited Interim Results for the 6 months ended 30 June 2017
- 8월 09, 2017
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Paysafe Group plc: Unaudited Interim Results for the 6 months ended 30 June 2017
LONDON (8 August 2017) - Paysafe Group plc (LSE: PAYS, "Paysafe" or the "Group"), a leading global provider of payment solutions, announces its unaudited interim results for the six months ended 30 June 2017.
- 12% organic constant currency revenue growth in H1 2017 (11% statutory revenue growth), representing a return to low double-digit growth compared with the exceptional performance seen in 2016
- 31.4% adjusted EBITDA margin in H1 2017, compared to 30.5% in H2 2016 and 29.6% in H1 2016, the increase driven by improved gross margins in the Payment Processing and Digital Wallets divisions
- Capitalised development cost was $16.9m, or 3.1% of sales, vs $13.0m (2.7% of sales) in H1 2016 and $14.5m (2.8% of sales) in H2 2016, driven by work on core platform development
- The adjusted tax rate was 12.3% in H1 2017, compared to 11.1% in H1 2016 and 12.7% in H2 2016 (statutory tax rate H1 17 17.2%, H1 16 13.4%, H2 16 17.1%). The adjusted rate is lower than anticipated driven by the short-term effect of a tax ruling on the transfer of intellectual property from the Isle of Man to the UK. Excluding this, the adjusted tax rate would have been approximately 14%
- Adjusted cash conversion remained strong at 77%/98% before/after payments working capital ("PWC") compared to 122%/97% in H2 2016
- Leverage ratio, expressed as net debt to LTM adjusted EBITDA7 was 0.8x, compared to 0.9x at 31 December 2016. The reduction in leverage would have been more pronounced but for the impact of the translation of euro denominated debt into dollar reporting currency, the share buyback programme, and unusually high cash tax paid as described in the operating review
- The largest customer represented 19% of H1 2017 group revenue, compared to 20% in H1 2016
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