he company which is focused on the online gambling sector revealed that revenues for the 12 months ending December 31 2015 were $613.5m, up 68 percent compared with the same period in 2014.
Pre-tax profits fell 87 percent to $7.4m, down from $57.7m a year earlier. It attributed this figure to the result of “acquisition-related costs . . . largely relating to Skrill”. The company’s adjusted pre-tax profits excluding the “one-off” impact of acquisitions was $108.7m.
The fastest growth at the company was its digital wallet division, an arm that has incorporated Skrill’s technology. The division showed reported revenues of $159.1 in 2015, an increase of 78 per cent compared to 2014.
In August, the London-based company completed a €1.1bn reverse takeover of rival Skrill in a deal that gave it greater exposure to the online gambling industry. Then, in November, it rebranded itself Paysafe, after being known as Optimal Payments, in an effort to “create a more distinctive brand for the combined business”.
The fastest growth at the company was its digital wallet division, an arm that has incorporated Skrill’s technology. The division showed reported revenues of $159.1 in 2015, an increase of 78 percent compared to 2014.
The group’s payment processing arm, it’s largest division by revenues which offers payments services to businesses, reported revenues of $375.1m in 2015, a 37 percent increase year-on-year.
The company has developed a payments system that allows gamblers to transfer winnings and place stakes across a range of gaming websites at the touch of a button, as well as enabling rapid-fire payments for live sports betting. Skrill’s main attraction was its paysafecard brand, one of the largest pre-paid online voucher providers in Europe, which enables consumers without a bank account or credit card to purchase goods and services online.
Paysafe has been highly acquisitive in the search for growth and ambitious plans to grow internationally. Purchases over the past two years include Ukash, another competitor, and Montreal-based mobile developer Fans.
In a statement, Joel Leonoff, Paysafe president and chief executive, said: “I am pleased to report that the positive momentum we’ve shown in delivering our results slightly ahead of expectations in FY 2015 has continued into the early part of this financial year. I am very excited about our prospects and opportunities in the year ahead.”
Paysafe, was admitted on to the main London Stock Exchange in December becoming a rare, highly valued UK-listed technology group. Others include including Arm Holdings, the chip design company, Sage, the accountancy software company, and Sophos, the cyber security group.
It has announced it will be included on the FTSE 250 from later this month.
To see the full report, click here.