(Alliance News) - Network International Holdings PLC said on Wednesday it is experiencing strong trading, in line with expectations, supporting its previous guidance for the full-year.
The London-based payment solutions provider reported that total revenue in the first quarter of 2022 was up 33% against the final quarter of 2021.
The fastest growth, the company explained, was in its Merchant Solutions area. This revenue grew 64% against the previous quarter when excluding the acquisition of DPO Group back in September.
DPO is an electronic payments company which focuses on Africa.
This was due to record levels of merchant sign-ups and direct-to-merchant processed volume across the United Arab Emirates and Jordan.
Network International's previous guidance anticipated revenue growth of 27% to 29% in 2022 and underlying earnings before interest, tax, depreciation and amortisation margin to expand in 2022. It previously guided for this to stay flat.
Chief Executive Nandan Mer said: "We have started the year strongly with 33% year-on-year first quarter revenue growth; supporting our ambition to be the fastest growing and most innovative customer centric payments business in the Middle East and Africa.
"Our home market of the United Arab Emirates is seeing a continued improvement in consumer spending and increasing numbers of international visitors, driving accelerated growth in both domestic and international total processed volume. This has been supported by customer wins and capability launches, including becoming the first acquirer to offer Buy-Now-Pay-Later in Jordan. DPO has seen good volume growth of 33% year-on-year, as well as the benefit of another cross-selling arrangement with an existing Network customer."
Shares in Network International were up 2.2% at 248.24 pence on Wednesday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Network International (NETW)