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Irish payments tech firm looking to stock market as revenue hits £45m


PFS CEO Noel Moran

PFS CEO Noel Moran

PFS CEO Noel Moran

Irish payments technology firm Prepaid Financial Services (PFS) is considering a stock market flotation after pre-tax profits hit £4.3m last year and revenue climbed to £45m.

Chief executive and founder Noel Moran said it now "makes sense" to look at a possible initial public offering.

"As the majority shareholder in PFS it is only natural that I continually evaluate our strategic options including a potential listing of the business, trade sale, or indeed investing more in start-ups and other innovative financial technology companies," he said.

He added that he believes PFS' business model is "more sustainable" and provides greater opportunities for potential investors and partners than many other payment firms.

The former EY Entrepreneur of the Year finalist, London-based Mr Moran pointed out that PFS focuses on a white-label and partnership-led distribution model.

"We are also not industry-specific and as our clients move into the remittance and international payments market we are well positioned to leverage our technology platform and facilitate electronic transfers for our expanding customer base," he said.

Mr Moran and his Zimbabwean wife, Valerie Willis, own more than 81% of Co Meath-based PFS. Media reports earlier this year valued the business at more than €112m (£99.4m).

Mr Moran has worked with a number of high street banks including Bank of Ireland, Allied Irish Banks, Royal Bank of Scotland, MBNA and Lloyds.

The company's technology processed more than €1.6bn (£1.4bn) in payments last year, and the figure is expected to exceed €2.5bn (£2.2bn) this year.

The directors expect PFS' earnings before interest, tax, depreciation and amortisation to be more than €12m (£107m) this year, with turnover rising to about €65m (£58m). PFS is being advised by New York investment bank Keefe, Bruyette & Woods.

Belfast Telegraph