CAB Payments chair seeks to reassure investors after share dive
The chairwoman of CAB Payments has sought to reassure investors over the newly listed fintech firm’s prospects after its shares plunged last week.
Ann Cairns told The Sunday Times she would remain as chair for “the foreseeable future” and that she still had confidence in the firm’s executive team.
Shares in CAB Payments cratered by more than 70 per cent on Tuesday after the firm issued a profit warning.
The company, which specialises in payments to emerging markets, flagged a “number of changes to the market conditions” in key currency corridors, on top of uncertainty around the Nigerian Naira.
The sharp fall came just three months after CAB Payments floated in July as the biggest IPO of the year amid a drought in listings in London.
Shares on Tuesday traded as much as 84 per cent below their IPO price.
“I would love the stock to have performed in a different way,” Cairns told The Sunday Times. “My attitude is that I should just be thinking about how to make sure the stock bounces back by really delivering for the market.
“I think that’s what’s expected of me by investors and all the people inside the bank. And I really care about that. So I’m much less concerned about my legacy than actually making sure this works for everybody.”
She noted that “tough” times can lead to great “satisfaction”, adding: “If everything’s super-easy in life, I don’t think you get any of that satisfaction, by the way.”
Cairns said CAB Payments’ future remained “quite exciting”, with revenues forecast to rise by 20 per cent this year.
However, this figure is 17 per cent below the company’s previous guidance.
Cairns added that the business would be better shielded from future challenges as it moved into new currency markets.