(Alliance News) - Network International Holdings PLC's first half was hurt by lockdown measures, the payment services provider said on Tuesday, with the collapse in the tourism industry hitting transction volumes.
In the six months to June 30, revenue dropped 12% to USD134.2 million from USD152.3 million. Pretax profit was almost wiped out, it dropped 90% to USD1.9 million from USD18.9 million a year earlier.
Middle East and Africa-focused Network International said transaction numbers fell 3.2% annuallly to 355.6 million from 367.4 million.
"Performance through the period was significantly impacted by Covid-19 related lockdowns, and the associated reductions in domestic and tourism related consumer spending throughout our regions," the company said.
"Overall, we continue to expect total revenue for 2020 to decline between 17% and 20% year-on-year. We do not expect the acquisition of DPO to have any material impact on 2020 financial performance."
Network International unveiled plans to acquire African online commerce platform DPO Group for around USD288 million back in July.
The company said on Tuesday that the acquisition is progressing well.
Shares in the company were 0.1% lower at 424.80 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Network International (NETW)