Adyen reports Q1 revs up 34 per cent and rules out furloughing staff in UK amid Covid-19

By John Reynolds on Wednesday 22 April 2020

Alternative Lending

The Dutch digital payments company said it was continuing to recruit.

Adyen reports Q1 revs up 34 per cent and rules out furloughing staff in UK amid Covid-19
Image source: Myles Dawson/Adyen

Dutch digital payments company Adyen said it will not be cutting jobs, furloughing staff or implementing executive pay cuts in the UK, amid the Covid-19 fallout.

Adyen yesterday (Tuesday) reported first-quarter revenues of €135.5m, up 34 per cent on the year.

Adyen UK managing director Myles Dawson told AltFi: "We are continuing to recruit. We have pared back in some areas in terms of roles that we were looking for. But in areas we know we are going to continue to grow out of this we are continuing to hire.”

“It's been really good to see how our HR and Security teams have grabbed the ball and really tried to figure out ways to onboard people, while not being able to do anything face-to-face."

Adyen, which employs up to 80 people in the UK, added 169 staff in Q1 meaning it has a total headcount of 1,351 across 22 countries, compared to 1,182 at the end of 2019.

Adyen, which processes payments for companies including Facebook and Netflix, usually publishes half-yearly and annual results, but because of Covid-19 decided to release a trading statement for the quarter.

The company, which is Europe's most valuable fintech, can process most types of payments for its customers, which tend to be multination companies.

Its quarterly performance was helped by healthy online retail volumes which largely compensated for the decline in in-store volumes, on the back of lockdown measures in key markets, it said.

Transaction volumes were up 38 per cent year-on-year to €67bn.

Dawson said that since lockdown Adyen has pulled back on new commercial activities, instead focusing on helping its existing customers.

He said: "From day one, we went out to our sales people and said 'we are going to ramp down marketing, no outbounding. We don't want to be annoying people through this. They need the space to be able to manage their businesses.'"

Adyen's CFO Ingo Uytdehaage, speaking to CNN, said: “E-commerce is growing very quickly, way faster than we ever expected. This might be a fundamental change in how shoppers buy.”


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