The payment service provider has repeatedly had to deal with allegations in the past.
–
(Photo: Reuters)
–
– –
–
Munich Despite the burden of the corona crisis, payment processor Wirecard grew significantly in the first quarter. According to preliminary figures, sales rose by almost a quarter to 700.2 million euros, as the Dax group suspected of manipulation announced on Thursday. Earnings before interest, taxes, depreciation and amortization (Ebitda) rose by 26 percent to EUR 199.2 million.
CFO Alexander von Knoop said Wirecard had felt the effects of the corona crisis in the business with flight and travel groups. However, the negative effects were offset by growth in the online business with consumer and digital goods. “Our new customer business continues to develop strongly,” said von Knoop.
The CFO, who has also been responsible for the capital market communications previously handled by CEO Markus Braun, has confirmed the forecast to achieve an EBITDA of EUR 1.0 billion to EUR 1.12 billion for the year as a whole.
The profit increase at Wirecard will therefore slow down somewhat in the first quarter of 2020, which should also be due to the costs for the special audit by KPMG and the associated consulting services. Adjusted for one-time expenses, the Ebitda would amount to 204.0 million euros, which would correspond to an increase of 29 percent. In recent years, sales and profits at Wirecard have often increased by a third.
The numbers were not well received by investors, the shares were down 3.1 percent shortly after the stock market started. On Wednesday, they were just under one percent weaker from the trade.
Late capital market information
After troubled months, the Dax group has had particularly revolutionary days. A special audit by KPMG did not provide any evidence of the allegations of manipulation of the balance sheet, but it gave the internal processes a very bad testimony. Most recently, supervisory board chief Thomas Eichelmann announced board changes and presented a new compliance chief on Friday. The CEO Braun, who has practically dominated for a long time, is losing influence.
Investors had initially responded positively to the conversions, but on Wednesday the reorganization towards greater transparency was swallowed up by the news that a first shareholder lawsuit against the payment service provider had been filed in Germany. Bafin will also take a closer look at the company.
The upheavals also have consequences for Wirecard’s capital market communication. The annual balance sheet for 2019 should now only be published on June 4, because the group auditor EY needs more time to review the KPMG special audit report and the German accounting office is behind him.
Wirecard thus publishes its business figures clearly after all other Dax groups. The current quarterly results are also only preliminary. The full figures for the first three months of the year are expected to be released on June 16.
With agency material.
More: The management board restructuring at Wirecard is a first step towards a consistent realignment.
–
– .
