IN BRIEF: Network International backs yearly guidance on "solid" start

Network International Holdings PLC - Middle East and Africa-focused payments provider - Backs its guidance for 2023, reporting a 13% annual rise in revenue during the first quarter. In 2022, revenue was USD438.4 million. In constant currency, revenue is up 16%. It reiterates annual guidance of high-teens constant-currency revenue growth, and a slight margin expansion to earnings before interest, tax, depreciation and amortisation. Network continues to expect a second-half weighting.

During the quarter, signings grow significantly from the previous year, reaching "record levels" across UAE's small and medium enterprises and "key enterprise markets". The firm does not update on the takeover proposal from CVC Advisers and Francisco Partners Management announced on Monday.

Chief Executive Officer Nandan Mer says: "We have seen a solid start to the year. This demonstrates economic strength across key markets, supported by the accelerated transition from cash to digital payments and continued successful strategic execution of our growth-oriented strategy. Merchant Services performance remains very strong, with trends reflecting buoyant UAE consumer spending and the region's attractiveness to international visitors."

Current stock price: 363.80 pence each, up 0.2% on Tuesday morning in London

12-month change: up 49%

By Xindi Wei, Alliance News reporter

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