Fintech

EML reports huge loss due to €153.7m Irish impairments

Australian fintech reports A$284.8m loss due to tax impairments of A$258.9m arising from PFS and Sentenial

Kevin Murphy, interim group chief executive of EML

EML Payments has recorded a tax impairment of AUS$258.9 million (€153.7 million), due to its two Irish businesses.

The news comes as the Australian fintech announced plans to separate the profitable British arm of Prepaid Financial Services (PFS) from the unprofitable Irish domiciled and European focused business, in order to improve its performance.

According to EML’s latest financial results, PFS recorded a A$189.7 million impairment. Sentenial, another Irish fintech acquired by the Brisbane-headquartered group, also ...