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WAG Payment Solutions said on Tuesday its revenue in the first three months of the year saw double-digit growth.
WAG Payment Solutions, known as Eurowag, is a London-based company that processes toll and fuel payments for trucks around Europe.
The company reported its net revenue for the first quarter of 2023 was €52.2 million, up 31% from €39.9 million the year prior. This was driven by a resilient business model, mission-critical services and attractive contributions from acquisitions, the company said.
Organic net revenue for the period was in-line with management expectations, growing 17% to €46.5 million.
Eurowag noted that if acquired at the start of the year, Inelo would have contributed €11.1 million in net revenue. The completion of the €306 million acquisition took place in March.
Looking ahead, the company said its medium-term guidance, which it first reported on March 16 in its year-end results, had not seen ‘any significant deterioration.’
Chief Executive Officer & Founder Martin Vohanka said: ‘These results further highlight the resilience of our business model and the importance of our solutions to our customers. In-line with our strategy, we continue to focus on growing our footprint and services through organic and selective inorganic opportunities.’
Shares in Eurowag were up 2.1% at 98.00 pence each in London on Tuesday morning.
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