REG - Eurowag - Trading Update

WAG Payment SolutionsAnnouncement

24/10/2024 07:00

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RNS Number : 3828J  Eurowag  24 October 2024

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         2023(1)      YoY growth (%)  To 30 Sept 2024  To 30 Sept 2023(1)  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 (mailto: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 (http://www.eurowag.com)

 

 

 

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