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
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 ...