PARIS, Sept 6 Financial transactions systems
specialist Ingenico Group SA cut its full-year targets
on Tuesday in the wake of a "sudden and significant decline" in
The French company said it now expects a full-year organic
revenue growth of at least 7 percent, compared with the 10
percent target previously announced. Ingenico also trimmed its
EBITDA margin target to 20 percent from 21 percent.
"In recent weeks Ingenico Group has been facing a sudden and
significant decline in its U.S. market which accounts for
approximately 10 percent of group revenues," the company said in
The slowdown in sales has been caused by a relaxation of
U.S. requirements for chip-enabled payment cards, which has
slowed the pace of adoption, Ingenico said.
(Reporting by Laurence Frost; Editing by Subhranshu Sahu)