Australia's EML Payments jumps as co says it will exit loss-making business

EML Payments

18/01/2024 24:00

** Shares of EML Payments  EML.AX  climb as much as 33.6% to
A$0.995, hitting their highest level since Nov. 29
    ** EML top gainer on the ASX all ordinaries index  .AORD 
    ** Payment solutions platform says it will exit the PFS Card
Services Ireland (PCSIL) business
    ** Says PCSIL board concluded that business was no longer
commercially viable and sustainable
    ** Says for EML, the exit concludes a period of significant
earnings losses, cash burn from operating PCSIL
    ** Given ongoing losses, challenging macro and regulatory
uncertainty, we viewed an exit of PCSIL as the most likely
outcome - RBC Capital markets
    ** Brokerage says the exit should provide management
breathing room to focus on other elements of group
    ** Stock down 5.7% YTD, as of last close

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))