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Highlights:
EML Payments reports strong financial performance in FY24, with a significant increase in revenue and EBITDA.
The sale of the Sentenial business and debt refinancing have strengthened the company’s balance sheet.
EML Payments introduces its new “EML 2.0” strategy, focusing on core growth and deepening customer relationships.
EML Payments (ASX:EML) has reported a significant improvement in its financial performance for the 2024 financial year, marking a positive shift across all key metrics. Group CEO Ron Hynes attributed this improvement to the resolution of long-term structural challenges, which laid the groundwork for a more robust foundation and a clearer path forward for the company.
Under Hynes' leadership, which began in July following a board restructure, EML Payments achieved an 18% increase in revenue, reaching $217.3 million. This growth was driven by both customer revenue expansion and the performance of treasury yield on float balances. Additionally, the company saw a 54% increase in underlying EBITDA, totaling $57.1 million, falling at the upper end of its guidance range.
A key strategic move during the year was the sale of the Sentenial business for $53.4 million, which further bolstered the company’s balance sheet. This sale, combined with the refinancing of debt facilities, has strengthened EML’s financial position and provided additional flexibility for future growth.
As part of its vision for the future, EML Payments introduced its new “EML 2.0” strategy. This strategy is centered around three primary growth pillars, which are supported by three core enablers. The company's first priority under this strategy is to strengthen and grow its core business. By nurturing and deepening its relationships with over 1,000 existing customers, EML aims to unlock new revenue opportunities and continue delivering value.
Through these strategic efforts, EML Payments is positioning itself for sustained success, aiming to become a leader in the payments industry and return to a path of double-digit transaction revenue growth.
