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Jan 22 (Reuters) - French payments company Ingenico’s 2018 earnings before interest, tax, depreciation and amortisation (EBITDA) will be lower than expected, the company warned on Tuesday, citing underperformance in its Banks & Acquirers division.
The company, which had attracted bid interest after a string of profit warnings, said the Banks & Acquirers division had been hit by the non-execution of contracts in the fourth quarter, an unfavorable geographical mix and negative currency effects.
“Ingenico Group acknowledges these results and is implementing action plans in order to improve its future performance,” Chief Executive Nicolas Huss said in a statement
The company announced preliminary 2018 EBITDA of 485 million euros ($551 million), compared with its previous expectations for 510 million euros.
Ingenico said that measures to improve performance at the Banks & Acquirers division would include a cost-saving plan.
In December the company said it had dropped talks over a possible strategic deal and was working on new strategy. ($1 = 0.8806 euros) (Reporting by Alan Charlish in Gdynia Editing by David Goodman)