In a statement released to the market on Friday, Latitute Group Holdings confirmed it made a statutory loss after tax of $98.2 million from continuing operations, including $76 million of pre-tax costs and provisions relating to the March cyber incident.
The company’s Money Division A&NZ volumes of $637 million were significantly impacted by the business system shut down during the cyber incident, down 19% YoY and 28% versus 1H22.
Latitude stated it continues to work with regulators as they review Latitude’s information handling practices and with the Company’s insurers on claims which may mitigate some or all of the provisions made for costs arising from the cyber incident.
Managing Director and CEO Bob Belan said: “While the first six months of 2023 have been amongst the most challenging in Latitude’s history, I am proud of the extraordinary resilience and response of my colleagues and pleased with the strength of the rebound we are now beginning to see.
“Latitude’s half year result reflect what has been a persistently difficult macro environment for financial services businesses and of course, the operational disruptions caused by the March cyber attack on our company.
“We have and will continue to work diligently to continuously review and enhance the security of our systems and importantly, accelerate the delivery of our refreshed strategy focused on improving the experience for our customers and elevating the financial performance in our core Pay and Money divisions.”
