Dutch payments provider Adyen is going from strength to strength according to its latest set of financial results, representative of what was a largely positive 2023 for the company.
The company revealed net revenue of €1.6bn for the full year, up 22% year-on-year from €1.3bn in 2022, whilst EBITDA also rose 2% from €728m to €743m, although the EBITDA margin dropped from 55% to 46%.
Meanwhile, revenue at the close of H2 was 23% higher than the year prior at €887m (H2 2022: €683m) whilst EBITDA also rose 14% from €364m to €423m with a margin of 48%.
“This figure was primarily impacted by team growth, which tempered as the accelerated investment initiative came to a close,” Adyen explained.
Adyen had an active year in 2023, achieving a number of milestones across Europe although North America did prove to be a tricky region for the firm, which had prioritised growth in this continent.
The group suffered a fall in share valuations in August last year after growth fell below analyst estimates, although North America still accounted for over 25% of its profits at that time.
Back in Europe, however, the company remains one of the continent’s biggest fintechs and significant gains were made when a banking licence was secured in the UK and in Germany its local standing was boosted by a partnership with Bayern Munich.