UK's Cab Payments slides on weak annual profit

Cab Payments Holdings

13/03/2025 09:19

** Shares of British money transfer group Cab Payments Holdings CABP.L down 6.7% to 50p

** CABP reports FY adjusted profit before tax of 21.3 mln pounds, down 64% YoY

** Posts FY volumes growth of 7% bln pounds to 37.2 bln pounds, with developed markets growing 13% and emerging markets falling 1%

** CAB’s exposure to volatile emerging market currencies, combined with central bank interventions and fluctuating aid flows, led to weaker take rates and lower EM volumes, analysts at Peel Hunt say in a research note

** In January, the company announced a plan to cut jobs by 20% to focus on investment in artificial intelligence and automation

** Says the previously announced cost action is underway to reflect a new strategy to reshape the organisation for greater efficiency

** As of last close, the stock is down ~28.53% YTD

 (Reporting by Ankita Bora in Bengaluru)

 ((Ankita.Bora@thomsonreuters.com))