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(Alliance News) - Network International Holdings PLC on Monday said its annual revenue decline slowed in the third quarter of the year, helped by easing lockdown restrictions where the digital commerce firm operates.
The Middle East and Africa-focused company said revenue declined 17% annually in the third quarter, faring better than the 23% drop suffered in the second quarter.
Its Merchant Solutions unit posted a 30% third-quarter revenue drop year-on-year, with total processed volumes down 21%.
Elsewhere, Issuer Solutions revenue slipped 6% annually, as "card and transaction volumes continue to show recovery in the Middle East but remain impacted in Africa", Network International said.
"We are very pleased to see the continuation of more positive trading momentum through the third quarter, which reflects the easing of Covid-19 restrictions across our regions and improving consumer spending. This has been supported by the transition from cash to digital payments, where recent indicators point to an acceleration in this trend, which will benefit the size of the digital payments market and long-term growth potential," Chief Executive Officer Simon Haslam said.
Network International also hailed its "number of merchant wins", such as a pact with goods delivery firm NowNow and fashion house Jimmy Choo.
Looking ahead, the company expects annual revenue to fall 17% year-on-year, which is at the better end of its guidance range.
"With improved trading momentum, we have seen a pick-up in some revenue streams that are initially at a lower margin, but drive revenue delivery over the medium term. We therefore expect underlying net income in line with current market expectations," Network International added.
Shares in the FTSE 250-listed firm were 0.3% lower at 316.40 pence each in London on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
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