Aussie payments firm EML plunges as Irish unit's regulatory woes continue

EML Payments

24/02/2023 02:56

** Shares of Australia's EML Payments  EML.AX  fall as much
as 15.5% to A$0.49, hitting lowest since Nov 2022
    ** PFS Card Services Ireland Limited receives notification
from the Central Bank of Ireland (CBI) that growth in total
payment volumes between Mar. 31, 2023 and Mar. 30 2024 should be
restricted to zero
    ** The global payments firm says the unit received initial
correspondence from CBI in Nov 2021 restricting it from signing
new customers and launching new programs     
    ** CBI says the unit has made limited remediation progress
to date with significant and ongoing deficiencies remaining
    ** Not satisfied with PCSIL’s remediation plan and timetable
for completion - CBI
    ** Co says it expects A$3.5 million ($2.39 million) hit to
FY23 revenue and an A$2 mln reduction in EBITDA levels
($1 = 1.4658 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))