reports
- Richard Williamson
EML Payments - Growth cap lifted in the UK
EML Payments announced that on 23 April the Financial Conduct Authority (FCA) in the UK lifted the new customer restriction for Prepaid Financial Services Limited (PFSL), which had been in place since October 2022. With the appropriate structure and risk management controls now in place, PFSL can focus on growing the business. This marks another positive step forward for the group, after exiting PFS Card Services Ireland Limited (PFS), agreeing to sell Sentenial and finalising the settlement lia...
- Richard Williamson
EML Payments - Cutting the final link to PFS vendors
EML Payments has entered into an agreement to settle all the outstanding deferred consideration payments relating to the acquisition of Prepaid Financial Services Group (PFS) for £15.0m/A$28.8m, which represents a £7.9m/A$15.2m discount to the originally agreed amount. This agreement concludes all outstanding actual and potential liabilities relating to the PFS acquisition in 2020. Combined with the agreed sale of Sentenial for A$54m, this substantially strengthens EML’s balance sheet and simpli...
- Richard Williamson
EML Payments - Sale of Sentenial agreed
EML Payments has agreed to sell Sentenial to GoCardless for an enterprise value of €32.75m/A$54.1m. As Sentenial is currently loss-making, the disposal will be earnings and cashflow accretive to EML in year one. Proceeds from the sale will be used to reduce debt and strengthen EML’s balance sheet. This disposal combined with the liquidation of PFS Card Services Ireland (PCSIL) leaves EML as a more focused group specialising in prepaid cards, with all remaining businesses profitable and cash gene...
- Richard Williamson
EML Payments - Looking to a brighter future
EML Payments reported good growth in revenue and underlying EBITDA in H124, mainly due to the benefit of higher interest income. Management’s focus has been on the underperforming PCSIL General Purpose Reloadable (GPR) business, now in liquidation, resulting in the cost cutting programme shifting to H224. With that obstacle removed, management can now shift its sights to growing the remaining Gifting and GPR businesses and rightsizing the cost base.
- Richard Williamson
EML Payments - Major source of losses stemmed
As part of its strategy to focus on profitable, cash-generative businesses, the boards of EML Payments and PFS Card Services Ireland Limited (PCSIL) have decided to wind down the PCSIL business. This removes a source of considerable cash burn and management distraction and leaves the group better positioned to support the Gifting and the Australian and UK General Purpose Reloadable (GPR) businesses. The strategic review is ongoing and management noted it had received several expressions of inter...
- Richard Williamson
EML Payments - Turning the ship around
EML Payments reported FY23 revenue and underlying EBITDA ahead of the top-end of its guidance range, benefiting from higher interest income and improvements to customer contracts in H223. The company is making good progress with its short-term priorities, and while the Barrenjoey strategic review is ongoing, management has started taking action to return loss-making activities to profitability and to reinvigorate growth in its core businesses. We have upgraded our forecasts to reflect better-tha...
EML Payments and Visa Unveil New Digital Gift Card Product for US and ...
KANSAS CITY, Mo.--(BUSINESS WIRE)-- EML Payments Limited (ASX: EML), a leading payment solutions provider, is working with Visa, a world leader in digital payments, to offer its private label digital gift cards product serving its broad shopping center and multi-retailer customer base in the United States and Canada. This press release features multimedia. View the full release here: EML Payments and Visa usher in a new era of gifting by launching their secure, convenient and eco-friendly digital gift card product for US and Canadian shopping centers. (Photo: Business Wire) The EML and Visa c...
- Richard Williamson
EML Payments - Shifting focus to solve current challenges
EML Payments has announced the appointment of a new interim CEO and a renewed focus to solve the immediate challenges facing the company. This includes strengthening support for the regulatory remediation process, optimising costs, targeting growth in core business areas and retaining talent. The board has also appointed Barrenjoey to conduct a strategic review of the business. We maintain our estimates.
- Richard Williamson
EML Payments - Considering its options
EML Payments’ H123 results reflected the changing mix of revenue (lower establishment fees and breakage, higher interest income), the effect of the ongoing remediation of regulatory issues in the European and UK PFS businesses and the restructuring of the group. With the Irish regulator raising additional concerns post results and applying a more stringent growth cap to EML’s Irish subsidiary, PFS Card Services Ireland Limited (PCSIL), the board has initiated a strategic review of the business.
EML's Authenticated Mandates Wins MPE Award for Open Banking Payment I...
LONDON--(BUSINESS WIRE)-- Nuapay (EML Payments Limited’s (ASX: EML) Open Banking business) has been recognised for its exceptional Authenticated Mandates solution at the Merchant Payment Ecosystem Awards in Berlin, Germany, where it was awarded the coveted Best Use of Open Banking for Payments accolade. This press release features multimedia. View the full release here: Nuapay celebrates winning an MPE Award for revolutionising Open Banking payments with Authenticated Mandates. (Photo: Business Wire) MPE's Best Use of Open Banking award recognises innovative payment solutions, enhancing custo...
EML Payments Limited: 1 director
A director at EML Payments Limited sold 7,919,513 shares at 0.440AUD and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years ...
- Richard Williamson
EML Payments - New three-year plan to transform the business
At its AGM in November, EML Payments presented the outcome of its recent strategic review and the new three-year transformation plan. This includes fully integrating previous acquisitions, streamlining operations, becoming more customer-focused and developing EML’s product suite to evolve from prepaid cards to embedded finance. Based on Q123 trading we have revised our forecasts down to the lower end of new FY23 guidance.
- Richard Williamson
EML Payments - Irish regulator extends growth cap
The Irish regulator has extended the growth cap on European General Purpose Reloadable (GPR) volumes for an additional 12 months to the end of CY23. This limits growth of volumes in Europe (ex-UK) to 10% over the baseline volume in the first nine months of CY22. This restriction could be lifted early, if third-party assurance of ongoing remediation work is finalised before the end of CY23. We have revised our forecasts to reflect slower volume growth in GPR and higher compliance-related overhead...
- Richard Williamson
EML Payments - UK regulator raises concerns
EML Payments has announced that due to concerns raised by the UK regulator, the Financial Conduct Authority (FCA), it will temporarily cease onboarding new customers in relation to its UK subsidiary Prepaid Financial Services Limited (PFS UK). Concerns are similar in nature to those raised by the Irish regulator relating to PFS’s Irish subsidiary and should be addressed as part of the remediation programme that is currently underway. The cap on new business is likely to reduce FY23 revenue by up...
- Richard Williamson
EML Payments - Strategic review for sustainable growth
After a tough year dealing with the recovery from COVID and the European regulatory issue, EML Payments reported FY22 revenue growth of 21% (17% organic), underlying EBITDA down 4% and underlying NPATA down 1% y-o-y. The recently appointed CEO has launched a strategic review, with the outcome expected in November. While no quantitative guidance was given for FY23, we have reduced our EBITDA and NPATA forecasts for FY23/24 to reflect higher inflation, the ongoing costs of strengthening the risk a...
- Richard Williamson
EML Payments - New CEO launches strategic review
EML Payments reported FY22 underlying EBITDA just below guidance and underlying NPATA ahead of guidance. With EML now under strategic review, no quantitative guidance was given for FY23. Management noted several positives (the improving interest rate environment and that regulator-set growth caps in the General Purpose Reloadable (GPR) European business were not currently constraining divisional growth) but also highlighted the Q4 overheads run rate and cost inflation.
EML Reports Record GDV Of $80.2 Billion And Revenues Of $234.1 Million...
BRISBANE, Australia--(BUSINESS WIRE)-- EML Payments Limited (ASX: EML) today released its FY22 Financial Results and Annual Report. This press release features multimedia. View the full release here: EML releases its FY22 Annual Report.(Graphic: Business Wire) Today’s result demonstrates the substantial growth opportunities across both EML's global markets and its range of payments solutions and services. However, the respective 4% and 1% lower underlying EBITDA and NPATA performance for FY22 underscore the importance of the Strategic Review (''Review'') to be driven by EML's newly appointed M...
- Richard Williamson
EML Payments - More work to do in Europe
Recent engagement with the Central Bank of Ireland (CBI) has confirmed that EML Payments’ Irish subsidiary will need to undertake further work to meet the CBI’s risk assessment requirements. This is likely to push the final third-party validation process into 2023. Interest rate rises in Europe should go some way to offset additional compliance costs. We maintain our forecasts pending FY22 results on 22 August.
EML Payments Welcomes A New Managing Director And CEO
BRISBANE, Australia--(BUSINESS WIRE)-- Global technology company EML Payments Limited (ASX: EML) is delighted to welcome Emma Shand as Managing Director and CEO, effective immediately. This follows the resignation of Tom Cregan. This press release features multimedia. View the full release here: Emma Shand, MD & CEO at EML. (Photo: Business Wire) Peter Martin, EML's Chairman, said ''This is an exciting time of opportunity for EML, and Emma has an ideal set of attributes to lead the company into the future. Emma will provide highly professional leadership through a period of very rapid change.'...
EML Commissioned Research Finds 1 In 4 U.K. Merchants Predict Open Ban...
LONDON--(BUSINESS WIRE)-- Nuapay (EML Payments Limited’s (ASX: EML) Open Banking business), has released new data revealing that 1 in 4 (25%) merchants predict open banking will become the most popular payment method amongst customers in the next 5 years. This press release features multimedia. View the full release here: Nuapay reveals that 1 in 4 merchants predict open banking will become the most popular payment method amongst customers in the next 5 years. (Graphic: Business Wire) The survey of payments decision makers highlights the growing confidence in open banking as a payment method a...
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