CAB Payments reports improving momentum heading into H2
By Benjamin Chiou
Date: Thursday 14 Aug 2025
(Sharecast News) - B2B FX and cross-border payments group CAB Payments said it made "good strategic progress" over the first half following the transformation plan announced last year, with the business in a stable position with momentum heading into the second half.
Total income over the first half was up 3% over the six months to 30 June at £51.8m, though down 8% on last year due to the non-repeat of a dislocated currency in the first half of 2024 and the impact of macro uncertainty among some clients.
Nevertheless, active client numbers increased to 573 from 546 at the end of 2024.
The company said its financial performance has now "stabilised" with adjusted EBITDA rising 8% from the second half of 2024 to £13.1m, though down 30% on last year.
"We are demonstrating good progress in executing our strategic priorities evidenced by a return to modest half-on-half revenue growth. Work continues to be done but the business is now better positioned to drive diversified and sustainable revenue growth, supported by more active clients, a deeper network and entry into new markets," said chief executive Neeraj Kapur.
The company has continued to diversify its income streams, with 27% of total income now driven the top five currency corridors, down from 32% the year before and 49% in the first half of 2023.
CAB Payments now has a wider spread of income derived across FX spreads, fees and interest rates, it said.
Looking ahead, the company expects an improved performance in the second half and continues to guide to year-on-year income growth for 2025 along with "more meaningful growth in 2026".
Shares were up 3.3% at 51.49p by 0852 BST.
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