Network International FY underlying earnings seen slightly ahead of market expectations
Payments solutions provider Network International said on Thursday that full-year underlying earnings were expected to come in slightly ahead of market expectations after group total revenues beat consensus estimates.
Network International expects total group revenues to be roughly $351.0m, including a $7.0m contribution from DPO Group, while underlying EBITDA was also anticipated to be marginally ahead of expectations as 2021 saw "significant momentum" in new business, with new merchant signings continuing to hit record levels every quarter.
The FTSE 250-listed firm also said its direct-to-merchant business was ahead of pre-pandemic trading levels by the end of the year, supported by strong sales execution, capability launches and underlying digital payments market growth.
It added that DPO was trading strongly, with full-year revenues growing 45% year-on-year and 33% in constant currency, and said its Saudi Arabia market entry was on track for a first-quarter launch and a new processing customer signed.
Chief executive Nandan Mer said: "There is much to feel positive about, having ended the year strongly. We have made excellent progress on successfully refocusing our strategy to drive accelerated growth and innovation.
"Overall, we are pleased with the positive momentum across our business, giving us confidence as we enter 2022 and work towards our target of 20%+ revenue growth."
As of 0905 GMT, Network International shares were up 5.66% at 295.0p.