Shares in EML slump after new profit warning

Owner of Prepaid Financial Services (PFS) slashes forecasts as European operating performance ‘significantly behind’ schedule

Valerie and Noel Moran, who founded Prepaid Financial Services. Picture: Bryan Meade

Shares in EML, the Australian company which acquired Irish fintech Prepaid Financial Services (PFS) two years ago, plunged 38 per cent in trading on Tuesday after a new profit warning.

The company slashed its earnings forecast by 8 per cent in a surprise downgrade that resulted in AUS$375 million (€253 million) being wiped off its valuation. Its market capitalisation now stands at $625 million versus $1 billion at the start of trading on Tuesday. EML’s ...