Paysafe Group Plc's (LON:PAYS) AGM trading update confirms that business has been robust year to date, with Payment Processing and Digital Wallets showing particularly strong performance. Management expects to generate FY16 revenues and EBITDA ahead of market expectations. We have upgraded our forecasts to reflect stronger trading, resulting in EPS upgrades of 5.0% for FY16e and 7.7% for FY17e.
Strong trading year to date
Management confirmed that trading has remained strong year to date, with Payment Processing and Digital Wallets generating particularly strong growth. The company now expects to generate revenues of $950-970m in FY16 (vs consensus at $911m) driving EBITDA of $270-276m (vs consensus at $260m). The integration of Skrill is on track and the company still expects this to be substantially complete by Q316, with targeted cost synergies as per previous guidance.
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