Cab Payments shares fell on Monday after the fintech group announced its chief financial officer had resigned with immediate effect.
The London-listed group, which provides foreign exchange and cross-border payments for ‘hard-to-reach’ markets, told investors Richard Hallet will depart after nine years with the firm.
Head of banking Matthew Talty will take over while a replacement is found.
It marks a potential set back to Cab Payments’ turnaround plans after a tumultuous 2024, which saw profit warnings driven by FX fluctuations and the departure of its chief executive.
Cab Payments shares were down 2.5 per cent to 61.5p in early trading.
Shares have lost almost 40 per cent over the last 12 months and have fallen by around 80 per cent since their July 2023 initial public offering.
Cab Payments shares have lost around 80% since their 2023 IPO
The group is currently cutting jobs as part of a restructuring, and investing in automation and artificial intelligence, in efforts to get itself back on track.
Chair of Cab Payments Ann Cairns said Hallet ‘played a key role in transitioning the business from private to public ownership’.
Cab Payments added that Hallet is classified as a ‘good leaver’, and said it would detail his exit agreement in its forthcoming annual report.
But Peel Hunt analysts Gautam Pillai and Barun Singh wrote in a note that Hallet’s ‘immediate exit’ introduces ‘near-term uncertainty, particularly as the search for a permanent replacement is only just beginning’.
They added: ‘The appointment of Matthew Talty as interim finance lead provides some continuity, but investors will likely seek further clarity on financial strategy and execution.
‘In our view, these leadership changes reinforce that it will take longer for the business to stabilise and return to a sustainable growth trajectory.’
Peel Hunt maintains a hold rating for Cab Payments shares, with a target price of 85p.
Analysts at Shore Capital are more bullish, with a buy rating and a target price of 100p.
The broker said on Monday: ‘We expect 2025 to be a year of turnaround and execution on CABP’s strategic pivot, where the senior leadership team has changed over the past year and since the IPO in 2023, before the business returns to a meaningful growth trajectory.
‘Our Buy recommendation and updated 100p fair value reflect CABP’s long-term growth prospects, underpinned by several structural drivers and the moats around the business.’
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .