Network International interim earnings hit by Covid lockdowns
Payments solutions provider Network International reported a drop in first-half earnings on Tuesday as it took a hit from Covid-19 lockdowns.
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In the six months to the end of June, underlying earnings before interest, tax, depreciation and amortisation fell 31% to $52.7m, with revenue down 11.9%.
Network International said its performance was "significantly impacted" by Covid-related lockdowns, and the associated reductions in domestic and tourism related consumer spending throughout its regions.
Revenue in the Middle East declined 15.3% year-on-year, while Africa revenue was 10.5% lower.
Still, the company said recent trading had improved and its outlook for 2020 was unchanged.
Chief executive officer Simon Haslam said: "There has been much for the business to focus on through this period and we have continued to prioritise supporting our customers and colleagues in navigating through the challenges presented by Covid-19. Though this has, and will, impact financial performance in the short term; we have a strong balance sheet with significant liquidity.
"We are very pleased with the recent improvement in trading momentum during July, although it is still early in the second half and seasonally this always a lower revenue month, so our overall outlook for 2020 remains unchanged."