Nice pay day for Paysafe as revenue more than doubles

Hayley Kirton
Follow Hayley
2010 CeBIT Technology Fair
The company's digital wallet business revenue increased by almost 200 per cent (Source: Getty)

Paysafe shares opened up this morning after the company announced revenue rocketed during its first six months of 2016.

The figures

The payment solutions maverick revealed revenue for its first half of this year had increased to $486.7m (£373.2m), up 118 per cent compared with $223m the year before. Meanwhile, profit before tax increased to $74.6m, up from $4.6m.

Shares are up 5.5 per cent at 412.51p.

Paysafe Paysafe | mobile image

Why it's important

It's a year to the day since the company, back when it was still Optimal Payments, completed its acquisition of digital wallet service Skrill. In today's update, Paysafe remarked that the integration of its purchase had been completed, which had driven a 195 per cent revenue increase in the company's digital wallet business.

Today also marks the first set of interim results for the company since it joined the FTSE 250 in March.

What Paysafe said

Joel Leonoff, Paysafe president and chief executive, said:

I am delighted with the group's first half results. We have again delivered very strong growth as our increasingly diversified payments business expands further across pay-before, pay-now and pay-later products and services.

I am particularly pleased with the level of cash generated during the first half. Additionally, by completing the integration of Skrill more rapidly than we initially expected, we have been able to start work on developing our next-generation data platform and global merchant onboarding capabilities earlier than anticipated.

With the exceptional performance delivered in the first half, as well as continued strong trading in the early part of the second half, management and the board are confident in the group's prospects for the full year.

In short

Anybody who doubted the Skrill purchase might want to look away now