The rot runs deep

Financial Mail - - MARKET WATCH -

Wire­card’s core busi­ness in Europe and the Amer­i­cas has been loss­mak­ing for years, ac­cord­ing to a spe­cial au­dit by KPMG. But ac­cord­ing to its fi­nan­cial re­ports au­dited by EY, be­tween 2016 and 2018 the Ger­man pay­ments com­pany gen­er­ated op­er­at­ing mar­gins of about 22% and al­most dou­bled an­nual earn­ings be­fore in­ter­est and taxes to €439m. Such pro­fits ap­pear to have ex­isted largely on pa­per. Fi­nan­cial Times

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