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CAB Payments gross income falls in 'reset year'
(Sharecast News) - Cross-border payments specialist CAB Payments said on Thursday that gross income had fallen in what it called a "reset year". CAB Payments said gross income fell 23% to £105.5m, predominantly due to exceptional Nigerian Naira, Central African Franc and West African Franc business in 2023.
Wholesale FX and payments gross income was down 39% at £53.8m, while NXX income reduced by £31.4m year-on-year.
CAB also noted that a stronger USD lowered average transaction values and suppressed volume growth and take-rates in emerging markets. In developed markets, a higher mix of G10 currency trading reduced the overall blended take-rate.
On the other hand, active client numbers and volumes both grew 7%, and the group generated £16.m in adjusted profits after tax for FY24, in line with market expectations.
Chief executive Neeraj Kapur said: "We have made solid strategic progress in our transformation.
"2024 was a 'reset' year. Since then our new and highly experienced senior leadership team is now in place and executing well against our plans driving deeper, stronger and trusted relationships with our clients, central banks and counterparties.
As of 1055 GMT, CAB Payments shares were down 5.60% at 50.60p.
Reporting by Iain Gilbert at Sharecast.com
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