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Full-year income on track at Cab Payments
By Sharecast News
Sharecast News | 16 Jan, 2024
Cab Payments Holdings said it had seen a 25% jump in full-year income on Tuesday, marginally ahead of expectations.
Updating on end-of-year trading, the payment processing specialist said total income for the year to 31 December was set to be 25% higher than the previous year. Total income in 2022 was £109.4m.
Most analysts were expecting total income of around £132m in 2023.
Cab, which debuted on the London market last summer, said it had benefited from customers switching from incumbent providers to specialists such as itself. The fintech helps businesses make payments in traditionally hard-to-reach markets.
It continued: "The company has a high quality and growing customer base, made up of G10 government entities, some of the world’s best known international development organisations, global remittance companies, emerging markets financial institutions and, increasingly, major market banks.
"Cab has laid out a clear strategy to grow its customer base, expand its presence to new markets and broaden its product offering."
Cab joined the London market in July at just over 300p. The shares then plunged in autumn, however, after it warned on profits.
At the time, Cab said it had been hit by the steep drop in the Nigerian naira as well as central bank intervention in the central African franc.
Canaccord Genuity said on Tuesday: "We are comforted to see Cab deliver a small beat to our own and consensus forecasts for the 2023 full-year.
"We believe continued rebuilding of trust with the market post the October profit warning, demonstrated through managing and exceeding expectations, is required to drive any meaningful re-rating."
Canaccord has a ‘speculative buy’ rating and a target price of 246p.
As at 0915 GMT, the shares were up 2% at 98.50p.
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£2.46 Price Target,, Full-year income on track at Cab Payments
By Sharecast News
Sharecast News | 16 Jan, 2024
Cab Payments Holdings said it had seen a 25% jump in full-year income on Tuesday, marginally ahead of expectations.
Updating on end-of-year trading, the payment processing specialist said total income for the year to 31 December was set to be 25% higher than the previous year. Total income in 2022 was £109.4m.
Most analysts were expecting total income of around £132m in 2023.
Cab, which debuted on the London market last summer, said it had benefited from customers switching from incumbent providers to specialists such as itself. The fintech helps businesses make payments in traditionally hard-to-reach markets.
It continued: "The company has a high quality and growing customer base, made up of G10 government entities, some of the world’s best known international development organisations, global remittance companies, emerging markets financial institutions and, increasingly, major market banks.
"Cab has laid out a clear strategy to grow its customer base, expand its presence to new markets and broaden its product offering."
Cab joined the London market in July at just over 300p. The shares then plunged in autumn, however, after it warned on profits.
At the time, Cab said it had been hit by the steep drop in the Nigerian naira as well as central bank intervention in the central African franc.
Canaccord Genuity said on Tuesday: "We are comforted to see Cab deliver a small beat to our own and consensus forecasts for the 2023 full-year.
"We believe continued rebuilding of trust with the market post the October profit warning, demonstrated through managing and exceeding expectations, is required to drive any meaningful re-rating."
Canaccord has a ‘speculative buy’ rating and a target price of 246p.
As at 0915 GMT, the shares were up 2% at 98.50p.
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Full-year income on track at Cab Payments
By Sharecast News
Sharecast News | 16 Jan, 2024
Cab Payments Holdings said it had seen a 25% jump in full-year income on Tuesday, marginally ahead of expectations.
Updating on end-of-year trading, the payment processing specialist said total income for the year to 31 December was set to be 25% higher than the previous year. Total income in 2022 was £109.4m.
Most analysts were expecting total income of around £132m in 2023.
Cab, which debuted on the London market last summer, said it had benefited from customers switching from incumbent providers to specialists such as itself. The fintech helps businesses make payments in traditionally hard-to-reach markets.
It continued: "The company has a high quality and growing customer base, made up of G10 government entities, some of the world’s best known international development organisations, global remittance companies, emerging markets financial institutions and, increasingly, major market banks.
"Cab has laid out a clear strategy to grow its customer base, expand its presence to new markets and broaden its product offering."
Cab joined the London market in July at just over 300p. The shares then plunged in autumn, however, after it warned on profits.
At the time, Cab said it had been hit by the steep drop in the Nigerian naira as well as central bank intervention in the central African franc.
Canaccord Genuity said on Tuesday: "We are comforted to see Cab deliver a small beat to our own and consensus forecasts for the 2023 full-year.
"We believe continued rebuilding of trust with the market post the October profit warning, demonstrated through managing and exceeding expectations, is required to drive any meaningful re-rating."
Canaccord has a ‘speculative buy’ rating and a target price of 246p.
As at 0915 GMT, the shares were up 2% at 98.50p.
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CAB Payments backs "clear strategy" and sees 2023 total income hike (Alliance News) - CAB Payments Holdings PLC on Tuesday predicted revenue grew 25% in 2023, as the ...
Alliance News16 January, 2024 | 11:13AM Email Form Facebook TwitterLinkedInRSS Font-Size
(Alliance News) - CAB Payments Holdings PLC on Tuesday predicted revenue grew 25% in 2023, as the cross-border payments and foreign exchange firm looks to win back some market confidence after its shares were battered by a guidance cut in October.
CAB said total income in 2023 is expected to have risen 25% from the GBP109.4 million achieved in 2022.
"The company continues to benefit from the structural shift in its markets from incumbent providers to specialists such as CAB Payments. The company has a high quality and growing customer base, made up of G10 government entities, some of the world's best known international development organisations, global remittance companies, emerging markets financial institutions and, increasingly, major market banks," CAB said.
"CAB Payments has laid out a clear strategy to grow its customer base, expand its presence to new markets and broaden its product offering."
In October, the firm predicted total income to be "at least" 20% ahead of the GBP109.4 million achieved in 2022. That outlook was about "17% below previously issued guidance", however, CAB added.
"In recent weeks, the company has seen a number of changes to the market conditions in some of its key currency corridors, on top of the ongoing uncertainties surrounding the naira, which are impacting both volumes and margins; most notably, the Central African franc and West African franc. At the present time, these market conditions are compressing margins and reducing trading volume," CAB warned at the time.
The naira is the currency of Nigeria. The Central African franc is used in Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. The West African franc is used in Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo.
Shares in the company plunged 72% on October 24, the day of the guidance cut.
The stock float in July at GBP3.35 per share, giving it a market capitalisation on admission of GBP851.4 million.
Shares in the company fell 2.9% to 93.90 pence each in London on Tuesday morning, down 70% from its initial public offering price.
By Eric Cunha, Alliance News news editor
Canaccord Genuity said on Tuesday: "We are comforted to see Cab deliver a small beat to our own and consensus forecasts for the 2023 full-year.
"We believe continued rebuilding of trust with the market post the October profit warning, demonstrated through managing and exceeding expectations, is required to drive any meaningful re-rating."
Canaccord has a ‘speculative buy’ rating and a target price of 246p.
As at 0915 GMT, the shares were up 2% at 98.50p.
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Canaccord Genuity said on Tuesday: "We are comforted to see Cab deliver a small beat to our own and consensus forecasts for the 2023 full-year.
"We believe continued rebuilding of trust with the market post the October profit warning, demonstrated through managing and exceeding expectations, is required to drive any meaningful re-rating."
Canaccord has a ‘speculative buy’ rating and a target price of 246p.
As at 0915 GMT, the shares were up 2% at 98.50p.
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Canaccord Genuity said on Tuesday: "We are comforted to see Cab deliver a small beat to our own and consensus forecasts for the 2023 full-year.
"We believe continued rebuilding of trust with the market post the October profit warning, demonstrated through managing and exceeding expectations, is required to drive any meaningful re-rating."
Canaccord has a ‘speculative buy’ rating and a target price of 246p.
As at 0915 GMT, the shares were up 2% at 98.50p.
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Watch Out for the broker Upgrades 🤣😂,, it can only get better, and with the expansion plans going forward,, it's a definitely a strong Buy for the long term,, 10 ex easily.. Not selling a single share,, but I'll be topping up on the way
This is Better Than Expected ,,CAB Payments, a market leader in business-to-business cross-border payments and foreign exchange, specialising in hard-to-reach markets, announces that total income(i) for the year ended 31 December 2023 will be approximately 25% above the prior year (2022: £109.4 million).
Astarata 😂😂,, you still here,, your pants must be on fire 😂😂,, have you closed your short?,, I've not sold a single share since my original purchase,, in fact I've been adding,, I'm in for the next few years minimum,, a little bumpy,, but it will do great in the long run,, once we get news on the licenses, looking back at these prices, many people would be kicking themselves and dreaming 😴 that they never sold, for such a small profit..
Shorts can anyone please find a company that makes £140+ million in profits and with no debt,, and who will be operating worldwide very soon,, ? i don't think you will 😂😂,, it's a no brainier this is 10 ex next few years,, Huge upside
Results Should Be better than expected,, and with huge profits,, excess profits could start to be distributed to shareholders.. don't want to be on the wrong side by being a short 😂,, should see a huge re rate price increase..
Any News on either of this,, Should easily see £5.50 or more,, On 25 November 2022, we applied to the De Nederlandsche Bank ("DNB"), the lead prudential bank regulator in the Netherlands, for a payment institution licence. We hired a board of directors and an office head to help guide us through the process and oversee the business once we are operational.
In the US, the Group is preparing to submit applications to the Federal Reserve Bank in New York and the New York State Department of Financial Services, for permission to open a representative office. The New York office will serve as a hub for our engagement with clients in the Americas. We have now recruited a General Manager for the New York office, with the relevant experience to guide this process and develop the business in the future.