CAB Payments Holdings Reports Strong Growth in First Half of 2023
CAB Payments Holdings reports a doubling of revenue and significant increase in pretax profit for first half of 2023, highlighting improved trading conditions and seasonal income trends.
Troy D. Hanson
September 13, 2023
By Elena Vardon
CAB Payments Holdings, a London-listed fintech group, has announced a significant increase in pretax profit for the first half of 2023. The company's strong performance in its foreign exchange and payments divisions has led to a doubling of revenue, instilling confidence in its growth prospects.
Pretax profit for the six months ended June 30 reached £23.8 million ($29.7 million), exceeding the previous year's figure of £11.2 million.
Income rose to £71.8 million from £37.0 million, demonstrating substantial growth.
Adjusted earnings before interest, taxes, depreciation and amortization surged to £39.9 million from £14.3 million.
CAB Payments Holdings experienced a temporary setback during the second quarter which impacted its activity level. However, the company has indicated that these headwinds are now dissipating, leading to improved trading conditions.
"Trading during the third quarter has improved and is returning to more normal levels," stated Chief Executive Bhairav Trivedi.
The company's CEO also highlighted the seasonal nature of its income, with September seeing central bank debt repayments from Africa to China and the Middle East. Additionally, the fourth quarter tends to be busier due to increased demand for remittances related to Diwali and Christmas. December is further characterized as the peak month for aid flows and the clearing of annual budgets.
These trends give CAB Payments Holdings confidence in both its short-term outlook and medium-term growth prospects.