Worldline postpones earnings guidance as CEO works on new strategy
FILE PHOTO: The logo of payments company Worldline is seen at the company headquarters in the financial and business district of La Defense, near Paris, France, October 26, 2023. REUTERS/Gonzalo Fuentes/ File Photo
French digital payments company Worldline will postpone its annual financial outlook update until July, it said on Wednesday, citing its new management and increased global economic volatility.
The Paris-based company, which appointed Pierre-Antoine Vacheron as chief executive in March, had said in February that it would issue a more detailed outlook after reporting first-quarter revenue in April.
The update is now expected on July 30, when Worldline will publish first-half results, and Vacheron will outline a new strategic plan at a capital markets day in the autumn, the company said.
Changes at the French company are already under way, Vacheron said in a statement. The company has launched an initiative to reduce cash expenses by 50 million euros in 2025.
Worldline's share price has dropped 93 per cent over the past four years, prompting a "portfolio optimisation process" that was launched by Vacheron's interim predecessor and could lead to asset disposals.
"Ultimately the main uncertainty for us is linked to the volatility of the decisions related to the trade war," Vacheron told reporters.
If that will lead to a change in consumer behaviour, then it will have an additional impact on business, he added.
Worldline also reported first-quarter revenue on Wednesday, falling 2.3 per cent year on year but meeting the 1.07 billion euro ($1.22 billion) expected in an analyst poll compiled by the company.
($1 = 0.8796 euros)
