Paysafe says integration of Skrill is progressing well

Provider of online payment services Paysafe Group Plc (LON:PAYS), formerly known as Optimal Payments, today published a trading update for the year to December 31, 2015.

Along with an upbeat forecast about its full-year revenue and EBITDA, the company said that the integration of digital payments business Skrill Group, the acquisition of which closed in August 2015, progresses well. Paysafe added that the anticipated synergy savings for the second half of 2015 are forecast to be towards the top end of the previously announced $5 million – $10 million range.

Paysafe noted some transformational events for its business from last year, including the successful launch of new global Paysafe brand identity in November 2015, as well as a move to the London Stock Exchange’s Main Market on December 23, 2015.

  • Financial results

Paysafe forecasts its FY 2015 revenue and adjusted EBITDA to be ahead of market expectations.

The company expects FY 2015 revenue of approximately $600 million. The Group revenue for the second half of 2015 Group is forecast to be around $380 million, on the back of solid growth across the Group’s product lines, particularly in the Processing division’s North American business.

Paysafe President and Chief Executive Officer Joel Leonoff said:

“This has been a transformational year for our business. Revenue and underlying earnings have grown strongly and the Skrill acquisition significantly enhances our global scale. The Group is now operating in more markets and geographies than ever before.

We are delivering on the targets we set ourselves as part of our strategy to create a payments powerhouse across digital wallets, payment processing and prepaid products and services. Our positive momentum, which continued through the fourth quarter, provides a strong foundation as we head into the new financial year.”

You can view the full announcement from Paysafe by clicking here.

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