25th Jul 2024 15:43
(Alliance News) - Cab Payments Holdings PLC on Thursday bemoaned a decrease in interim gross income, thanks to dislocations in the Nigerian naira, as well as Central Bank interventions in the Central African franc and West African franc.
Cab Payments is a Surrey, England-based cross-border payments and foreign exchange company.
For the six months ended June 30, Cab Payments reported gross income of GBP56 million, down 22% from GBP72 million a year before.
While the firm still expects gross income to rise in the second half of the year, due to new products, and network and geographical expansion, total gross income for the year is now expected to be "marginally down".
Cab Payments reported its total volume levels were up 4% to GBP17.6 billion from GBP16.9 billion a year before.
"Our first-half performance was resilient, despite lacking tailwinds from the Nigerian Naira, while also continuing to suffer from the headwinds in XAF and XOF from the end of last year," said Chief Executive Officer Neeraj Kapur.
"Our fundamental business model is robust, and I firmly believe in our purpose and the global market demand for our services. At the interim results, I will outline the initiatives and actions we are taking to build a more sustainable, diversified, and growing business over the medium term."
Looking forward, Cab Payments said it is on a "more balanced" trajectory for 2024, with last year proving to be an "exceptional" year.
Cab Payments shares were down 15% to 86.70 pence per share in London on Thursday afternoon.
By Lydia Doye, Alliance News reporter
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