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WAG Payment Solutions PLC - London-based company known as Eurowag that operates toll payment platform across Europe for commercial road transport industry - Reports strong rise in revenue in the first quarter of the year, mostly thanks to both acquisitions and organic growth. Net revenue in the three months ended March 31 is €68.4 million, up 31% from €52.2 million a year before. Within this is 10% in organic revenue growth. Net revenue in the larger Payment solutions business is €39.2 million, up 9.2% from €35.9 million, almost all organic at 8.2%. Mobility solutions revenue is up 79% to €29.1 million from €16.2 million. Within this, organic growth is 15%. Looking ahead, Eurowag confirms its near- and medium-term guidance. Adjusted earnings margin is expected to remain in line with 2023 at 43% in 2024 before growing in the medium-term.
Eurowag also says it will buy more shares of FireTMS, of which it already owns 81% and has an option for the remaining 19%. Eurowag will buy a further 7.6% stake for €3.4 million. The remaining 11.4% will remain subject to the option to buy in the first half of 2026. The 81% stake in FireTMS came with Eurowag’s €306 million acquisition last year of Grupa Inelo SA in Poland. Eurowag says it will use FireTMS’s expertise for its new digital platform.
Current stock price: 65.60 pence
12-month change: down 31%
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