(Alliance News) - Network International Holdings PLC on Thursday said 2020 revenue and earnings came in ahead of expectations, as the Middle East and Africa-focused payments services provider benefited from a market shift to digital transactions due to Covid-19.
Revenue in 2020 totalled USD284 million. Though ahead of guidance, this was down 15% from USD334.9 million in 2019.
Underlying earnings before interest, tax, depreciation and amortization are expected to be "slightly ahead" of market forecasts. Network International's underlying Ebitda in 2019 was USD172.3 million.
In the fourth quarter alone, revenue fell 19%, a steeper annual decline than the 17% fall in the third quarter. However, Network International noted that revenue had improved quarter-on-quarter.
"We continued to see encouraging market trends throughout the final quarter and are pleased to report that we exited the year with positive momentum across all of our business lines," Chief Executive Simon Haslam said.
"The long-term structural trends toward digital payment acceptance continue apace, with an acceleration across the MEA region. Looking ahead, whilst we remain cautious around the development of the pandemic, there are signs of improving consumer spending, underpinning our confidence in our ability to take advantage of the exciting opportunities on offer in the world's most under-penetrated markets."
Shares in the company were 1.3% lower at 342.00 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Network International (NETW)