French fintech Worldline cuts guidance
By Mauro Orru
Worldline slashed its forecasts for the year due to volatile spending across Europe.
The French fintech company (FR:WLN) said it now expects organic revenue growth of about 2% to 3% this year, compared with a previous forecast of at least 3%. Adjusted earnings before interest, taxes, depreciation and amortization-Worldline's preferred measure of profitability-should come in between roughly 1.13 billion euros and 1.17 billion euros ($1.22 billion-$1.27 billion), compared with a previous forecast of at least EUR1.17 billion.
Free cash flow should amount to about EUR230 million, compared with previous guidance of at least EUR230 million.
"As witnessed by many companies in consumer-driven industries, the European domestic consumption trends have slowed down during the second quarter and the speed of a potential recovery remains uncertain at this stage," said Chief Executive Gilles Grapinet.
In the second quarter, Worldline reported EUR1.19 billion in revenue, up 1.7% from a year earlier on an organic basis. Analysts had forecast EUR1.19 billion, according to consensus estimates compiled by Visible Alpha.
For the first six months, Worldline reported a net loss of EUR29 million, compared with profit of EUR81 million a year earlier. Adjusted Ebitda slipped to EUR514 million from EUR518 million.
Write to Mauro Orru at mauro.orru@wsj.com
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08-01-24 0345ET
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