The payments company also revealed there had been several approaches to the board from outside companies and it was working with Barrenjoey to “assess potential strategic interest in EML to maximise shareholder value.

The company’s loss for the year was $254 million but it also repoerted an underlying EBITDA of $37 million, which was 9 per cent above its guidance.

The loss was attributed to the Irish assets and a $258 million writedown on the value.

Even with the better-than-expected performance, the underlying EBITDA was still impacted by increased overheads and was 28 per cent below the previous corresponding period.

However, the company has found $10 million in savings from the 2024 budget.

It follows the dumping of its chief executive Emma Shand earlier this year and the announcement of a strategic review by Barrenjoey to assess its future with the possibility of selling off parts of the company.

“An initial outcome of the strategic review has informed the board’s decision to separate the profitable UK domiciled business, PFSL, from the unprofitable Irish domiciled European business in order to improve performance and unlock value,” the company said.

The UK business was considered profitable with high-quality government and private clients.

Chief executive Kevin Murphy said it was a resilient underlying result and was driven by several customer contract improvements and better yields on its funds float.

“Whilst we have already made progress on our operational priorities, I acknowledge there is more work to do in addressing the value drag on the business and strengthening our profitable core business,” he said.

EML also announced the appointment of James Georgeson as chief financial officer. He was previously AMP’s CFO.