CAB Payments Cuts 2023 Revenue Views Amid Uncertainties Over Africa Payment Flows
24 Octubre 2023 - 2:32AM
Noticias Dow Jones
By Michael Susin
CAB Payments Holdings warned that revenue for the full year will
come below expectations amid increasing uncertainties regarding its
key currency corridors in Africa.
The London-listed fintech group on Tuesday said that it
currently expects 2023 revenue to be at least 20% ahead of the
prior year figure of 109.4 million pounds ($134 million). This
represents a 17% fall from its previous guidance, it added.
The company said that the lowered guidance is mainly driven by a
number of changes to the market conditions in some of its key
currency corridors, added to the continuing uncertainties
surrounding the Nigerian Naira and its impact in both volumes and
margins, particularly on the Central African franc and West African
franc.
Currency corridors are the set of payment flows between one
country and another.
"These challenges are recent but continuing, and coincide with
the traditionally strong fourth quarter for both of these
corridors; it is unclear when and to what extent conditions in
these markets may improve," it said.
CAB Payments will be seeking opportunities to lessen the impact
on group profitability in 2023 through cost reduction measures and
efficiencies, the company said.
"Therefore, the company anticipates that the majority of any
revenue impact will flow through to the bottom line," it added.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
October 24, 2023 03:17 ET (07:17 GMT)
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