CAB Payments Holdings PLC on Wednesday reported weaker half-year earnings and the company announced a ‘renewed focus on strategic execution’ to boost dwindling profit.

The London-based payment processing and foreign exchange company said the plan will see it ‘continue to develop the network across African markets’ but also build relationships in new regions including the Middle East and Latin America.

‘A process to hire senior personnel in strategic areas is underway to begin this expansion effort. We are confident that this will provide an increasingly diverse client base with the liquidity, execution and pricing they need. We will take a more ’de-centralised’ approach to sales which allows us to be more culturally aligned to our customers and form deeper relationships with physical presence on the ground. Central banks are key to this process in terms of opening up liquidity and channels in specified regions,’ CAB said.

Shares were down 7.8% at 103.24 pence each in London on Wednesday morning.

The firm listed in July of last year and shares sit 70% off the £3.35 initial public offering price.

In the six months to June 30, CAB’s pretax profit fell 43% to £13.7 million from £23.8 million a year prior. Total income fell 22% to £55.7 million from £71.8 million.

‘Our H1 results were resilient despite the exceptional prior year as set out in our trading update in July. Our outlook remains unchanged from our previous update and there was encouraging trading at the beginning of H2,’ Chief Executive Officer Neeraj Kapur said.

‘We expect our gross income to be marginally below last year whilst we exhibit good growth across a broader range of currency corridors.’

Gross income in 2023 rose by a quarter to £137.1 million from £109.4 million.

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