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Interim Results

Paysafe Group improves H1 pretax profit

10 August 2016 07:22

Paysafe Group has materially improved its H1 pretax profit to $74,551, from a year-earlier profit of $4,593.

Revenue had more than doubled to $486,739, from $223,023, with fees from payment processing, digital wallets and prepaid substantially up on the year.

President and CEO Joel Leonoff was upbeat about the results.

"We have again delivered very strong growth as our increasingly diversified payments business expands further across pay-before, pay-now and pay-later products and services," he said in a statement.

"I am particularly pleased with the level of cash generated during the first half.

"Additionally, by completing the integration of Skrill more rapidly than we initially expected, we have been able to start work on developing our next-generation data platform and global merchant onboarding capabilities earlier than anticipated.

"With the exceptional performance delivered in the first half, as well as continued strong trading in the early part of the second half, management and the Board are confident in the Group's prospects for the full year."

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Related Company: PAYS

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