Aussie paytech EML Payments winding down Irish subsidiary PCSIL.

Australian payment technology company EML Payments has announced the winding down of its Irish subsidiary, PFS Card Services Ireland Ltd. (PCSIL), due to its lack of commercial viability and sustainability. EML Payments acquired PCSIL in 2019 for its digital banking and multi-currency offerings. The company expects PCSIL to incur a $13.1 million (AUD 20 million) loss during the 2024 fiscal year if it were to continue operating in its current form. PCSIL ceased operations on January 17, and Interpath Advisory has been appointed as the provisional liquidator for the subsidiary. EML Payments estimates that it will have limited cash exposure to PCSIL, primarily associated with intercompany balances owed by EML Group entities, which it hopes to repay over the next nine to 12 months. Additionally, the company anticipates a one-off non-cash impairment charge of approximately $16.5 million (AUD 25 million) resulting from the liquidation.