SYDNEY: Cuscal Limited (ASX: CCL) has posted robust FY25 financial results, exceeding its pro forma net profit forecast and declaring a final dividend of 5.5 cents per share, while simultaneously announcing the acquisition of Brisbane-based payments firm Indue Limited in a cash-funded $75 million deal.
The acquisition, expected to close by December 31 pending regulatory approvals from APRA and the ACCC, is projected to deliver $15–$20 million in annual post-tax cost synergies by FY29, with 25%+ earnings per share (EPS) accretion and a return on invested capital (RoIC) exceeding 20%.
Cuscal’s FY25 pro forma NPAT rose 17% year-on-year to $38.4 million, outperforming its prospectus forecast of $36.6 million. Adjusted net operating income climbed 6% to $290.4 million, driven by 8% growth in transaction volumes across issuing, acquiring, and payments capabilities.
“This marks a solid start to life as a listed company,” said Managing Director Craig Kennedy. “The Indue acquisition is strategically and financially compelling, enhancing our resilience, diversifying revenue, and expanding our footprint in government and fintech segments.”
Indue, a respected player in the Australian payments ecosystem with 205 employees and clients including the Australian Government and Spriggy, brings complementary capabilities in fraud monitoring, card services, and mobile payments. Cuscal will retain Indue’s non-executive personnel for 12 months post-completion and integrate operations over a two-year period via an advisory committee.
Cuscal’s capital adequacy ratio rose to 27.3%, well above regulatory minimums, with a CET1 position of ~18–19% anticipated post-acquisition. The company reaffirmed its FY26 outlook, targeting mid-to-high single-digit transaction volume growth and low double-digit NPAT growth, excluding acquisition timing impacts.