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WAG Payment Solutions PLC on Tuesday said revenue rose strongly and in line with its prior guidance in 2024, as it announced an upcoming change in board chair.
Shares were down 5.7% to 80.00 pence on Tuesday morning in London.
Also known as Eurowag, the London-based company provides payment and data services to trucking companies in Europe.
Net revenue was €292.0 million last year, up 14% from €256.5 million in 2023. Some of this growth came from the acquisition of Grupa Inelo SA, a fleet management solutions and work time management provider in Poland and Slovenia, back in March 2023. If Inelo had been part of Eurowag for all of 2023, then revenue growth in 2024 would have been 9.7%, the company said.
In the fourth quarter alone, net revenue was €76.4 million, up 4.9% from €72.8 million a year before.
Eurowag said the result was significantly ahead of overall market growth, with both toll mileage and production index manufacturing flat to down in Germany, Europe’s largest trucking market.
The company said 2024 results will be in line with expectations. It will announce these on March 25.
Looking ahead to 2025, Eurowag expects net revenue growth of a low double-digit percentage, with profit margins maintained.
Eurowag said Chair Paul Manduca will step down at the company’s annual general meeting on May 22, replaced by Steve Dryden, who joined the board as a non-executive director in June 2023.
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