Eurowag reports strong growth in 2022
By Josh White
Date: Thursday 16 Mar 2023
(Sharecast News) - Commercial road transport payments and mobility platform provider Eurowag reported strong growth in 2022 on Thursday, in line with its medium-term financial guidance.
The company said its net energy and services sales increased by 24.6% year-on-year to €190.9m, with organic growth of 19.4% year-on-year.
Payment solutions also grew, by 19.2% year-on-year to €134.8m, with organic growth of 18.3% year-on-year.
Additionally, mobility solutions grew 39.8% year-on-year to €56.0m, with organic growth of 22.3% year-on-year.
Adjusted EBITDA increased 17% to €81.6m, resulting in an adjusted EBITDA margin of 42.8%, including incremental plc costs and the consolidation of Webeye.
The adjusted EBITDA margin, excluding incremental plc costs and Webeye consolidation, was 45.6%.
Eurowag said its profit before tax was €28m on a statutory basis, making for a 58.3% increase year-on-year.
It also reported that its transformational capital expenditure programme was on track, with €25.5m spent in 2022.
The company reported a net cash position of €2.8m, and gross cash of €146.0m, at year-end on 31 December.
That, the board said, would provides it with leverage headroom ahead of completing the Inelo acquisition in the first quarter of this year.
"I am very pleased with our strong performance this year despite the macroeconomic challenges we faced across Europe," said founder and chief executive officer Martin Vohánka.
"This is testament to the hard work and commitment of our team, and once again demonstrates not just the resilience of Eurowag, but the vital role our services play in keeping the commercial road transport industry in Europe moving.
"Our strategy over the last few years has been focused on accumulating and building our product and technology capabilities, as well as expanding our customer footprint across Europe, as we work towards achieving our goal of delivering the CRT industry's first truly integrated, end-to-end digital platform."
Vohánka said the company made "significant" progress towards achieving that last year, with highlights including the acquisition of Webeye, entering into a new strategic partnership with JITpay, and the acquisition of Inelo, which was now complete.
"We continue to make good progress on our transformational technology programme, which revolutionises the customer experience by piecing together our product capabilities into one seamless platform.
"There is still much work to do as we approach a new phase of Eurowag's journey.
"However, we have entered into 2023 with strong momentum and I am more confident than ever that our integrated, end-to-end digital platform will unlock further value for both our customers and shareholders."
At 1141 GMT, shares in W.A.G. Payment Solutions were up 2.44% at 83.8p.
Reporting by Josh White for Sharecast.com.
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