Boss of CAB Payments insists debut results ‘bode well for the future’
- CAB Payments launched its initial public offering in July
Fintech firm CAB Payments has unveiled its first results as a listed UK business after launching its initial public offering (IPO) in July.
CAB Payments revenues grew by 94 per cent to ££78.1million in the six months to July, while pre-tax profits more than doubled year-on-year from £11.2million to £23.8million.
Bhairav Trivedi, the group’s chief executive, said the company’s first-half performance in its first half ‘bodes very well for the future.’
In charge: Bhairav Trivedi is the chief executive of CAB Payments
Money transfer group CAB Payments shares rose sharply on Wednesday and were up 8.57 per cent or 22.50p to 285.00p this morning, having slipped around 5 per cent in the last year.
Adjusted earnings before interest, taxes, depreciation and amortization rose to £39.9million, up from £14.3million, it said, thanks to ‘encouraging revenue growth in all four client segments’.
The group saw activity normalise over its quieter second quarter due to temporary headwinds, with CAB adding these were now abating.
‘Trading during the third quarter has improved and is returning to more normal levels,’ Trivedi said.
‘CAB Payments made strong progress in the first half of 2023, reflected in another set of record results and significant growth in revenue and profit.
‘We are making strong progress against our strategic objectives, with a significant expansion of our global network, the signing of some important new clients and an ongoing shift to our digital channel, EMPower Payments Gateway. This bodes very well for the future.’
Shares in British money transfer group CAB Payments slipped on their first day of trading in London in July, following an IPO meant to give a boost to the UK’s capital markets.
At the time, CAB Payments, backed by private equity firm Helios Investment Partners, said it had successfully placed shares at £3.35 through its IPO, raising up to £335million in proceeds.
The IPO came amid doubts about London’s appeal as a capital markets centre following a string of high-profile moves to other bourses by domestic or locally listed firms.