(Alliance News) - Network International Holdings PLC on Wednesday posted a first-half profit jump and said it expects revenue to beat pre-virus levels.
Shares in the company were 6.4% higher at 375.10 pence each in London on Wednesday morning.
The Middle East and Africa-focused payment solutions provider said revenue in the six months to June 30 rose 17% year-on-year to USD156.4 million from USD134.2 million.
Pretax profit jumped to USD17.0 million from USD1.2 million a year earlier.
The company also hailed a "recovery of its key performance indicators". Total processed volumes rose 19% to USD19.0 million from USD16.0 million. The total number of transactions was 29% higher at 459.8 million from 355.6 million.
"It is encouraging to see the business continuing to take strides. We are seeing a recovery from Covid-19, with the majority of [key performance indicators] now ahead of pre-pandemic levels, including the signing of new merchant and bank customers. At the same time, we have yet to see a full recovery in our Merchant Solutions business, which is reflective of our exposure to international spending, more discretionary merchant sectors, as well as competitive dynamics," Chief Executive Officer Nandan Mer explained.
The company also hailed progress it has made as it eyes entry into the Saudi Arabian market. Network International noted capital expenditure has been "lower than originally expected".
"Our expected earnings before interest, tax depreciation, and amortization, and profit outturn for the full year is unchanged. Given the ongoing recovery, we now expect to see total revenues slightly higher than those recorded in 2019," Network International said.
Revenue in 2019 amounted to USD335.4 million, before falling 15% to USD284.8 million in a virus hit 2020.
Compared to the first-half of 2019, interim revenue this year was 2.6% higher.
By Eric Cunha; ericcunha@alliancenews.com
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Network International (NETW)