Adyen 2nd Half Net Profit Increases; Raises Margin Target

   By Adria Calatayud 
 

Adyen NV said Wednesday that net profit for the second half of 2020 rose, helped by higher revenue and payments volumes, and raised its long-term earnings-margin target.

The Dutch payments company said it made a net profit of 163.1 million euros ($197.7 million) compared with EUR128.4 million for the same period a year earlier.

Earnings before interest, taxes, depreciation and amortization for the second half rose 36% to EUR236.8 million, with a margin of 62%.

Total revenue for the period rose to EUR2.08 billion from EUR1.51 billion, with net revenue up 28% at EUR379.4 million. Adyen said it processed payments worth EUR174.5 billion in the second half of 2020, up 29% on year.

Analysts had expected second-half Ebitda of EUR208 million on net revenue of EUR370.8 million, according to consensus figures provided by FactSet and based on estimates by 10 and 12 analysts, respectively.

The company said it now aims to increase its Ebitda margin to levels above 65% in the long term, from 55% previously, while continuing to deliver net revenue growth rates between the mid-20s and low-30s in the medium term.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

February 10, 2021 02:05 ET (07:05 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.