Michaela Handrek-Rehle | Bloomberg | Getty Images
An illuminated logo sits on the exterior of Wirecard’s headquarters in the Aschheim district of Munich, Germany.
Wirecard reported an almost 37% rise in 2018 profits Thursday, as the German payments giant looks to put worries over its accounting practices behind it.
The firm’s operating earnings before interest, tax, depreciation and amortization rose to 560.5 million euros ($625.2 million) last year. Consolidated revenues for the year increased by over 35% to 2.02 billion euros.
That’s down from preliminary results posted in late January, which had put the company’s earnings for the year at 568.3 million euros and revenues at 2.1 billion euros.
“Over the last decade, Wirecard has successfully expanded its businesses into relevant markets across the globe,” Wirecard CEO Markus Braun said in a statement. “The company has significantly increased shareholder value over the years.”
Wirecard became the subject of controversy earlier this year after a series of media reports on fraud and false accounting allegations at the firm’s Singapore office. Its 2018 report had been delayed by investigations into the allegations.
Reporting from the Financial Times led to a sell-off in the company’s shares which at one point got so severe the German financial regulator stepped in and halted short selling in Wirecard stock.
Germany’s BaFin (The Federal Financial Supervisory Authority) has since filed a complaint against two of the FT’s journalists and a number of short sellers, and recently lifted the ban on Wirecard shorts.
Wirecard meanwhile has sued the newspaper over its reporting, while an outside law firm investigating the fraud claims also cleared the firm’s head office of any wrongdoing.