EML +7.74% the payments technology company was out with half-year results today with a choppy day for its shares following the update. Revenue was up 30% while EBITDA swung back into profit at $29.3m. The company recently put their embattled PCSIL business into liquidation, a move that draws a line in the sand for the embattled segment that has caused a myriad of compliance issues. The move ends the cash burn that was associated with the arm and allows the company to refocus on the core business that is performing well whilst a strategic review remains ongoing, looking for other ways to unlock value for shareholders there as well. The Gift Cards and Digital Payments segments did the best, showing strong topline growth, while the General Purpose Reloadable cards side held its own. The company maintained guidance for EBITDA of $52-58m and looking for continued uplift in margins over the medium term.
MM remains bullish EML
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