WAG Payment Solutions PLC on Tuesday said its performance in 2023 was in-line with expectations following a period of heavy investment.

The London-based company, known as Eurowag, operates a payment platform across Europe for the commercial road transport industry.

In 2023, it reported a pretax loss of €39.3 million, swinging from a profit of €28.0 million the year before.

Hurting its bottom line, it reported a non-cash goodwill impairment of €56.7 million, against none recorded in 2022.

Eurowag reported a 12% decline in revenue to €2.09 billion from €2.37 billion.

The company said net energy and services sales increased by 34% to €256.5 million from €190.9 million. Net energy and services sales were higher due to a 16% decline in the costs of energy sold to €1.83 billion.

Eurowag does not intend on paying a dividend, and will instead prioritise investment in growth.

Chief Executive Officer Martin Vohanka said: ‘2023 was a year of both significant strategic and financial transformation for the group, where we completed our largest ever acquisition and delivered further organic growth, despite a range of macroeconomic headwinds across Europe.’

Looking ahead, Eurowag is confident in its outlook for 2024 with guidance remaining unchanged. The launch of its industry first integrated platform in the fourth quarter is expected to drive growth and the company hopes to benefit from synergies following its acquisition of Grupa Inelo SA, sealed last March, for up to €306 million.

Shares in Eurowag were down 1.0% to 70.10 pence in London on Tuesday morning.

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