PRE-TAX earnings at Co Meath primarily based fintech agency, Pay as you go Monetary Providers (PFS) fell by 20laptop final 12 months to £7.13m (€7.96m).
The Trim-based firm is certainly one of Europe’s largest issuers of e-money and in November agreed a deal that will see it bought to Australia’s EML Funds for €253m with an earn out element of round €60m.
Nevertheless, earlier than the deal could possibly be accomplished, EML negotiated a €105m low cost because of the “financial realities” related to Covid-19 on the deal was accomplished on March 31st for round €148m whereas the earn out element was unaffected.
Pay as you go Monetary Providers (Eire) Ltd noticed its revenues rise by 30laptop to £84.16m from £64.75m.
The corporate recorded publish tax earnings of £4.98m after paying company tax of £2.14m.
It has now made earnings for eleven consecutive years and an interim dividend of £9.9m was paid out final 12 months.
It was established in 2008 by Noel Moran and at the moment, PFS is now energetic throughout 25 international locations.
Corporations comparable to Visa and Mastercard are amongst its companions and three is certainly one of its purchasers.
Mr Moran and his spouse, Valerie owned greater than 84laptop of the corporate, whereas employees collectively held an 11laptop stake in PFS earlier than the sale was agreed.
The corporate continued its development trajectory in 2019 with loading volumes, a key metric of the corporate that displays the amount of cash loaded onto its playing cards growing by 55laptop to £3bn.
Regardless of the impression of Covid-19, the corporate’s administrators mentioned that they have been “assured in the long run prospects of the enterprise”.
Certainly, one of many impacts of the pandemic has been an additional shift in the direction of card funds, based on knowledge from the Central Bank of Eire.
Employees numbers on the fintech rose to 98 from 84 and employees prices, together with administrators’ pay, elevated to £4.92m.