July 23, 2019 / 4:04 PM / 4 months ago

Ingenico hikes 2019 guidance after strong first half

(Reuters) - French payments company Ingenico raised its guidance for 2019 revenue and profit following strong growth in the first half of the year.

The group now expects 2019 organic revenue growth of more than 9%, compared with previous guidance for around 6%, and sees earnings before interest, tax, depreciation and amortization (EBITDA) above 590 million euros (£529.6 million), above its previous aim for more than 580 million.

“For the second part of the year, the performance in B&A (the Banks & Acquirers business unit) is expected to normalize whilst Retail will continue to deliver solid double-digit growth with operating leverage,” Nicolas Huss, Chief Executive of Ingenico, said in a statement

The group also raised its guidance for the free cash flow conversion rate of around 50%, up from a previous forecast for around 47%.

Reported by Camille Raynaud; Editing by Maria Sheahan

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