24 October 2024
W.A.G payment solutions
plc
("Eurowag" or the
"Group")
Trading Update
Continued strong performance, platform
phased rollout on-track Q4 2024
W.A.G payment solutions plc ("Eurowag", or the
"Group") a leading pan-European integrated payments and mobility
platform focused on the Commercial Road Transportation ("CRT")
industry, today announces its trading update for the nine-month
period ending 30 September 2024.
Martin
Vohánka, CEO and Founder said:
"We continued to deliver high double-digit
revenue growth for the first nine months of the year. I am
particularly pleased with the pace in which we are migrating our
customers onto our new integrated platform, which offers our
customers a one-stop shop for tailored solutions enabling them to
save costs and enhance their operational efficiencies. Having
trialled the Eurowag Office platform with over 250,000 users so
far, we remain on track for the phased roll out of the app to new
customers in Q4 this year. All of this gives me confidence that we
will continue delivering value for all stakeholders and our full
year expectations remain unchanged."
Financial
highlights:
·
Total net revenue for the 9 months to 30 September 2024 grew
17.4% to €215.7 million, supported by growth across both our
payment and mobility revenues. Net revenue growth in the period
would have been 11.6%, assuming a full contribution from Inelo from
1 January 2023.
o Mobility
solutions revenue grew 20.1%, as a result of continued growth
across all products and partly the annualisation of
Inelo.
o Payment
solutions revenue grew 15.4%, mostly driven by strong growth from
toll revenues.
· Net
revenue for the last twelve months grew 20.7% to €288.5
million.
· Q3
2024 net revenue grew 15.5% to €74.6 million (Q3 2023: €64.6
million)
o Mobility
solutions revenue grew 3.4%, reflecting in part the timing of two
large contract wins in Sygic in Q3 2023.
|
|
Net revenue for 9 months
(€m)
|
Net revenue for 12 months
(€m)
|
|
|
2024
|
20231
|
YoY growth
(%)
|
To 30 Sept
2024
|
To 30 Sept
20231
|
YoY growth
(%)
|
|
Payment solutions
|
122.3
|
106.0
|
15.4%
|
163.3
|
144.0
|
13.4%
|
|
Mobility solutions
|
93.4
|
77.7
|
20.1%
|
125.2
|
95.0
|
31.7%
|
|
Total
|
215.7
|
183.7
|
17.4%
|
288.5
|
239.0
|
20.7%
|
Note: (1). Q1 2023 excludes the
contribution from Inelo, which was acquired on 15 March
2023.
Operational
highlights
|
|
Q3 2024
|
Q3 2023
|
YoY growth
(%)
|
|
Average active payment solutions
customers
|
20,833
|
18,519
|
12.5%
|
|
Average active payment solutions
trucks
|
103,790
|
93,433
|
11.1%
|
Note: An active customer or truck is
defined as using the Group's payment solutions products at least
once in a given month.
Growth in active payment solutions trucks has
been driven by targeted campaigns to accelerate acquisitions,
re-activation and cross-sell in energy and toll services, including
the promotion of our toll EVA onboard unit.
Eurowag
Office, continued phased migration of existing customers and roll
out on track for Q4 2024
· Announced
phased rollout of Eurowag Office, an industry-first digital
platform, at the IAA Transportation 2024 in Hannover.
· Continued migration of
existing fleet management solution customer cohorts onto the
platform, with new customers ready to be onboarded in Q4 this
year.
· The
Eurowag app user interface has evolved into the Eurowag Office user
experience. Monthly active users of the Eurowag app increased 51%
year-on-year to c.45k (Sept 2023 c.30k). App rating of 4.7 and 4.8
stars on Google and Apple stores respectively.
As previously
disclosed; payout of deferred consideration
· On
9 October 2024, the Group paid a deferred consideration of €8.9m
for the remaining 49% equity stake in KomTeS and accrued dividends
for the respective period.
Outlook and
guidance
The Board continues to be confident in
delivering full year expectations and continues to see early signs
of economic recovery, notwithstanding the previously noted
pressures in the CRT industry. The delivery of the platform
underpins the Group's confidence in delivering its medium-term
financial guidance, which remains unchanged.
ENQUIRIES
Eurowag
Carla Bloom
VP Investor
Relations and Communications
+44 (0) 789 109 4542
investors@eurowag.com
Sodali and
Co
Justin Griffiths, Gilly Lock
IR and
international media
+44 (0)20 7100 6451
eurowag@sodali.com
About
Eurowag
Eurowag was founded in 1995 and is a leading
technology company and an important partner to
Europe's CRT industry, with a purpose to make
it clean, fair and efficient. Eurowag enables trucking companies to
successfully transition to a low carbon, digital future by
harnessing all mission critical data, insights and payment and
financing transactions into a single ecosystem and connects their
operations seamless before a journey, on the road and
post-delivery. http://www.eurowag.com
