Wirecard first quarter up 26% thanks to boost from consumer business

FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder

FRANKFURT (Reuters) – Wirecard (WDIG.DE) on Thursday said its first-quarter profit rose 26%, days after the German payments company overhauled its management as a way to restore investor confidence following accounting accusations and regulatory probes.

First-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 199.2 million euros ($215.2 million), up from 158 million euros in the year-earlier period as online payments from consumer transactions partially offset a fall airline and travel related business.

Revenues rose 24% to 700.2 million euros.

Wirecard faces allegations including accounting irregularities and disclosure violations, which it denies. An investigation by German regulator BaFin is ongoing.

Wirecard reiterated its forecast of achieving core profit of 1 billion to 1.12 billion euros this year.

Reporting by Edward Taylor; editing by Thomas Seythal

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