RE: CABP8 Jan 2024 21:41
"CAB Payments pledges to hit revised target after stock plunge -investor
Summary
CAB plans January trading update -investor
CAB has been "reaching out" to investors -source
"We recognise that this is going to take time" -CAB
CAB Payments (CABP.L), whose stock plunged more than 70% last month after a profit warning, has pledged to some investors it will hit a revised 2023 revenue target and publish a trading update in January, as the cross-border payments processor fights to win back market trust.
Oliver Brown, a fund manager at R.C. Brown and a former top-20 investor in the newly-listed company, said he was called by a senior CAB executive on Friday, who was "very contrite" in the wake of last month's profit warning.
"CAB are absolutely adamant that they are not going to have another profit warning (in 2023)," Brown said, but added it could take years to rebuild market trust and the company was planning a market update in January."
Source. Reuters
November 17, 2023 8:53 AM UTC
By Kirstin Ridley, Sinead Cruise