WAG Payment Solutions on Thursday said profit and revenue increased across 2022, despite ‘unprecedented’ turmoil in Ukraine.

London-based Wag Payment Solutions, known as Eurowag, processes toll and fuel payments for trucks around Europe.

Pretax profit rose 59% to €28.0 million from €17.1 million in 2021. This was due to an increase in business operations, the company said, as revenue grew to €2.37 billion up from €1.65 billion the previous year.

The company also reported its basic earnings per share for 2022 were up to 2.41 cents from 1.54 cents the year before.

Shares were 2.2% higher at 83.56 pence each in London on Thursday morning.

Eurowag also confirmed it did not intent to pay dividends as it continues to ‘prioritise investment’.

Looking ahead, Eurowag said it plans to focus on integrating the businesses it acquired in 2022. The company also said it is confident of strong growth, while its medium-term financial guidance remains unchanged.

Chief Executive Officer Martin Vohanka said: ‘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 commercial road transport industry’s first truly integrated, end-to-end digital platform. We made significant progress towards achieving this ambition last year.

‘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.’

Net cash at December 31 was £2.8 million, falling 95% from £61.7 million a year earlier.

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