Paysafe’s FY15 trading update confirms that the newly combined group saw strong growth in H2, beating both our expectations and the market’s for revenue and EBITDA. Integration is progressing well with cost synergies at the top of the recently announced range for H215. We have raised our forecasts to reflect faster achievement of cost synergies, as well as better growth in processing revenues. Further revenue and cost synergies could be possible, although at this stage of the integration process we maintain a conservative stance.