MADRID, 25 Oct. (EUROPA PRESS) -
Worldline, a company specialized in payment services, has revised downwards its revenue growth forecasts for the year as a whole due to the macroeconomic slowdown in some of the French firm's main markets, whose shares fell by 57% in the Paris Stock Exchange.
In the third quarter, fintech reached a turnover of 1,182 million euros, 4.8% more than a year before, with an improvement of 7.6% in the commercial services business, but a decline of 2 .9% of income from financial services.
"During the third quarter of 2023, some of our main geographies, particularly the German market, have shown a macroeconomic slowdown," the company has warned, highlighting changes in consumer spending habits.
"Consumers have begun to allocate a greater portion of their spending to non-discretionary verticals rather than discretionary, which affects our growth and profitability," he said.
Additionally, in light of the increase in overall cybercrime, new emerging fraudulent patterns and the accelerating trend of strengthened regulatory guidelines and market limitations, Worldline has tightened its risk appetite policy by orderly terminating certain relationships. specific business cases whose associated costs and potential risks did not match the revised requirements.
"After a solid start to the year, we now enter a second half in which the macroeconomic environment deteriorates, particularly in Germany," said Gilles Grapinet, CEO of Worldline.
In this way, the firm has revised downwards its revenue growth forecast in organic terms, with a new estimate of between 6.% and 7%, compared to the previous range of between 8% and 10% .
Furthermore, to address this temporarily challenging environment, the company has announced 'Power24', with a savings target of around €200 million in run-rate costs in 2025, with a rapid increase in 2024.