(Sharecast News) – Cross-border payments specialist CAB Payments reported a 94% surge in its total first-half income on Wednesday, to £71.8m.
The London-listed firm put the rise down to promising revenue expansion across all its four client sectors.
Its adjusted EBITDA rose to £39.9 million for the six months ended 30 June, up from £14.3m a year-earlier.
That, the board said, led to a boost in its adjusted EBITDA margin from 39% in the first half of 2022, to an impressive 56% this year.
The company said its financial growth was complemented by an outstanding operational and sales performance during the last six months.
Notably, CAB Payments said it had bagged several major new clients, laying a solid foundation for prospective revenue augmentation.
Additionally, CAB Payments experienced robust expansion in its unique network of nostro accounts and a surge in partnerships with global liquidity providers.
A highlight of the period was the EMPower Payments Gateway’s transaction growth.
The firm said the gateway saw transactions catapult from 9,000 to 41,000, as the service extended its reach to now be operational in 72 countries globally.
“CAB Payments made strong progress in the first half of 2023, reflected in another set of record results and significant growth in revenue and profit,” said chief executive officer Bhairav Trivedi.
“We are making strong progress against our strategic objectives, with a significant expansion of our global network, the signing of some important new clients and an ongoing shift to our digital channel, EMPower Payments Gateway.
“This bodes very well for the future.”
Trivedi noted the company’s successful completion of its initial public offering on the London Stock Exchange.
“As we move into the second half of the year, the business has a number of initiatives in progress which should both provide support in the short-term and deliver long-term growth.
“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.”
At 0954 BST, shares in CAB Payments Holdings were up 8.57% at 285p.
Reporting by Josh White for Sharecast.com.
