CAB Payments: Firm behind rare London float hopes to turn share price around
The chief of listed fintech firm CAB Payments said its first half of the year “bodes very well for the future” as it released its maiden set of results to the market following a rare IPO in July.
CAB Payments, which grew out of the colonial-era Crown Agents, floated in July at a valuation of £800m in the biggest IPO in London so far this year.
In its half year results today – its first set of numbers released to the market – CAB said income had rocketed 94 per cent to £71.8m in the six months to July.
Pre-tax profits at the firm more than doubled to £23.8m, up from £11.2m in the same period last year.
CAB chief Bhairav Trivedi said the float in July underscored the “confidence the market sees in the high quality offering we provide to customers”.
“The industry dynamics continue to be supportive to specialist providers like CAB Payments and our unique proposition and set of strengths positions the Company well to capitalise on the opportunity ahead and deliver increasing shareholder returns into the future,” he added.
CAB operates an FX trading platform and payments gateway for emerging markets, providing the plumbing for firms to transfer of cash across borders.
Trivedi said it had seen growth across regions which “bodes very well for the future”.
CAB has suffered a tricky time so far on the market since its IPO, with shares now trading at a 13 per cent discount to their float price.
The IPO was hailed as a relief for the London Stock Exchange after its announcement in June after a torrid start to the year.