Strong Increase in CAB Payments During First Half of 2023: Initial Results Post Initial Public Offering
In the world of cross-border payments, CAB Payments, a B2B-focused company operating primarily in emerging markets, has made a significant stride in its financial performance. The company, formerly known as Crown Agents Bank, recently announced its first earnings results since its Initial Public Offering (IPO) on the London Stock Exchange in July 2023.
The strong performance in H1 2023 has put CAB Payments on track to meet its previously stated FY 2023 targets, which include a revenue of around £160m and an adjusted EBITDA margin of 55-60%. The adjusted EBITDA margin for H1 2023 stands at an impressive 56%, marking a 17 percentage point increase from the previous year, demonstrating improved profitability.
The adjusted EBITDA for H1 2023 reached £39.9m, representing a 180% increase year-on-year. This significant improvement indicates a positive outlook for the company's future financial performance.
CAB Payments' total income increased 3% in H1 2023 compared to H2 2022, amounting to £51.8m. However, it should be noted that the year-on-year total income was down 8% due to the non-repeat of a one-off currency event.
Despite the lack of detailed breakdowns in the sources, the company reports improving momentum and good strategic progress heading into H2 2023. This suggests a cautiously optimistic outlook for the remainder of the year.
For those interested in staying updated on the latest developments in the cross-border payments industry, CAB Payments offers a free account that provides access to extensive research and analysis, as well as an industry-leading newsletter.
Lucy Ingham, a journalist associated with the news article, has shared these insights, providing a comprehensive overview of CAB Payments' H1 2023 financial performance and outlook. The news serves as a testament to the company's resilience and growth in the competitive cross-border payments market.
[1] CAB Payments' H1 2023 financial results: https://www.cabpayments.com/investors/financial-results/ [2] Lucy Ingham's LinkedIn profile: https://www.linkedin.com/in/lucy-ingham/ [3] Cross-border payments industry analysis: https://www.cabpayments.com/research/cross-border-payments/ [4] Currency fluctuations impact on CAB Payments' H1 2023 results: https://www.cabpayments.com/news/currency-fluctuations-impact-on-cab-payments-h1-2023-results/
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