EML Payments (EML) H2 2024 earnings summary

Executive summary

• Achieved strong FY24 financial results, with underlying EBITDA at AUD 57.1 million and completion of strategic priorities, including regulatory remediation in the UK, PCSIL wind-down, and the announced sale of Sentenial.

• Strengthened balance sheet through new debt facilities, a $15 million discount on PFS acquisition liabilities, and improved operational efficiency.

• Platform established for EML 2.0, focusing on growth, operational efficiency, and core markets.

• Positioned for growth with a revitalized strategy and focus on product-led innovation.

• Regulatory remediation completed in the UK, with growth cap removed; PCSIL closed via liquidation.

Financial highlights

• Underlying EBITDA for continuing operations increased 34% to AUD 49 million; Group underlying EBITDA (including PCSIL) reached AUD 57.1 million.

• Total revenue from continuing operations rose 18% to AUD 217.3 million.

• Statutory net loss after tax narrowed to AUD 9.6 million, including an AUD 8.8 million impairment charge.

• Interest revenue surged 97% to AUD 49.8 million, driven by yield optimization and higher rates.

• Cash position decreased to AUD 43.1 million, mainly due to one-off outflows from PCSIL deconsolidation, liability paydown, and restructuring.

Outlook and guidance

• FY2025 underlying EBITDA guidance for continuing businesses set at AUD 54–60 million, excluding PCSIL and Sentenial.

• Medium-term strategic and operational plan, including financial and non-financial metrics, to be presented at the November AGM.

• Focus on organic growth, product innovation, operational efficiency, and margin expansion.

• Leadership team focused on product-led growth, cost base control, and leveraging global scale.

• Interest income outlook hedged by bond portfolio; further details on rate assumptions to be provided at AGM.