Friday 20 September 2019

Moran's PFS books profit of €11.5m

Navan entrepreneur Noel Moran
Navan entrepreneur Noel Moran

John Reynolds

Navan entrepreneur Noel Moran's fast-growing prepaid cards and payment technology firm Prepaid Financial Services has booked record results for last year, with a pre-tax profit of €11.5m on a turnover of €72.5m.

The London-headquartered business, which employs more than 130 people in Navan, said 2018 was its 11th year of profitability, and that it is on track to surpass €100m in revenue this year.

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It has issued 5.5 million prepaid payment cards to date, in 23 currencies, for more than 1,700 clients, which include governments, mobile phone networks, banks and large businesses.

"We are one of the most profitable payment companies in Europe. We have never raised any capital, and we have no loans or debts. This is a fantastic credit to all our staff who have got us to where we are today," said Moran, who has just been named European Business magazine's CEO of the year.

Moran and his wife Valerie Willis own more than 81pc of PFS, and previously said they will float it on the stock market before the end of this year.

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