11th Nov 2019 08:34
(Alliance News) - Finablr PLC on Monday expressed confidence in its future prospects following double-digit earnings growth in the first nine months of 2019.
The FTSE 250-listed cross border payments platform provider said adjusted income in the nine months to the end of September increased by 9.0% year-on-year to USD1.17 billion, with total processed volumes up 14% to USD97.2 billion.
"Total processed volumes are growing at double digits, reflecting robust organic growth and deepening commercial ties with our partners, as well as the incremental benefit of seasonality," said Chief Executive Promoth Manghat.
"In line with market guidance, our take rates remain stable across the platform," added Manghat.
Finablr reported adjusted earnings before interest, taxes, depreciation, and amortization for nine-month period of USD182.3 million, up 22% on the prior year, with underlying Ebitda margin of 15.6%, 167 basis points higher year-on-year.
The Abu Dhabi, UAE-headquartered owner of the Travelex bureau de change chain reported "strong" continued momentum in B2B & Payment Technology Solutions segment, thanks to commercial partnerships signed.
Looking ahead, Manghat said: "We reaffirm the guidance and outlook provided at the time of IPO and remain highly confident in the future prospects of the business. "
Finablr shares were trading 1.3% higher in London on Monday at 174.19 pence each.
By Evelina Grecenko; [email protected]
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