viewFinablr PLC

Finablr's shares trend up as international money transfers rise

Shares in the company returned to the 174p price at the time of its flotation in May, after which they sank as low as 133p

Finablr PLC -
Finablr is the UAE-based owner of the bureau de change Travelex

Finablr PLC (LON:FIN), the UAE-based owner of the bureau de change Travelex, continued to grow income across all its divisions in the third quarter of the year as international money transfers increase.

In a trading update on Monday, Finablr said adjusted income was up 9% in the first nine months of the year to US$1.2bn, with total processed volumes 13.5% higher at US$97bn.

READ: Airtel Africa signs cross-border payment deal with Finablr

The FTSE 250 company has lifted adjusted underlying profits 22% to US$182mln in the three quarters of the year so far, helped by underlying profit margins improving by 167 base points to 15.6% over the past three months.

In the first half of the year, income had risen 9% but a US$30.1mln loss before tax had been booked thanks to US$28.2mln of costs from floating on London’s main market in May.

Chief executive Promoth Manghat said he was confident the firm would meet its full-year guidance, with results so far reflecting “robust organic growth and deepening commercial ties with our partners, as well as the incremental benefit of seasonality”.

Finablr said that since the end of the third quarter, its B2B and payment technology solutions divisions had signed commercial partnerships with Samsung and Airtel Africa to allow international money transfers from the tech companies’ digital wallets.

Shares in the company were trading at 174.2p on Monday morning, rising 1.3% to return to Finablr's flotation price of 174p price, after which shares sank as low as 133p.

Quick facts: Finablr PLC

Price: 96.9814 GBX

Market: LSE
Market Cap: £6.32 m

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