Paysafe growth slows in first results since confirming Blackstone CVC takeover

Alys Key
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New projects include a QR code based payment system (Source: Getty)

Growth has slowed for payment solution provider Paysafe in its first results since confirming a takeover sale to a consortium of Blackstone and CVC funds.

The figures

Revenue was up 11 per cent in the six months to 30 June, slowing from 118 per cent growth this time last year.

Adjusted EBITDA was up 31.4 per cent to $169.2m (£130m).

Net debt was reduced by just under $20m to $259.9m.

But there was no forward-looking statement from Paysafe on expectations for the full year, as this was deemed inappropriate in light of the takeover.

Shares in the company, currently hovering around an all-time high of almost 600p, slipped very slightly by 0.42 per cent in early trading.

Read more: Paysafe shares have leaped after a $3.7bn bid from Blackstone and CVC

Why it's interesting

The company attributed the rise in underlying profit to growth in the payment processing and digital wallet divisions.

Performance was also boosted by several new parterships and launches. These included teaming up with Google to provide in-app Android Pay capabilities to Paysafe merchants in Canada, and the launch of a QR code ecommerce platform which allows users to pay in ccash for online purchases.

Paysafe is now growing at a steady pace, increasing headcount across its divisions by nine per cent to 2,299, mostly in India and Bulgaria.

Read more: FTSE 100 payments firm Worldpay confirms it's had a takeover approach

What the company said

"After exceptional trading in 2016, Paysafe Group has returned to a more sustainable level of low-double-digit revenue growth in the first half of 2017," said chairman Dennis Jones.

"This reflects our increasingly diversified set of businesses as the management team continues to build a stable and robust global payments platform."

Read more: PayPal's invested in a small UK artificial intelligence startup

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