Why did EML Payments (EML) shares crash today?
EML -35.71%: the payment solutions company slumped to a near-10-year low today after further struggles with European regulators. This time the UK has taken action to stop the company from onboarding any new customers to their Prepaid Financial Services business in the UK on similar issues that the company is working with the Central Bank of Ireland to fix. The PFS Card Services business has been under a growth cap due to the issues due to lift at the end of the year, though problems remain and the regulator may extend the limitations. EML said it expects a hit to revenue of less than $5m for FY23, however, it doesn’t provide much confidence that the company is anywhere near being out of the woods yet.
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