28th Apr 2021 10:21
(Alliance News) - Network International Holdings PLC's overall trading during the first quarter was in line with expectations, against a comparative prior-year period "significantly less impacted" by the pandemic, it said on Wednesday.
The London-based payments solutions provider said revenue for the quarter was up 1% compared to the same periods for 2020 and 2019. Revenue gains were driven by Network's Issuer Solutions business, which increased revenue by 5% from 2020.
Issuer Solutions, which provides services such as fraud protection and card processing, signed a number of new customers. Nigeria's Carbon Bank and Kuda Bank, Bank Windhoek in Namibia and Al Masraf in the UAE were some of the new contracts signed with banks from Africa and the Middle East. Network International said its signing of new customers had accelerated in the quarter.
"We are encouraged by trading and the momentum of customer wins, particularly our new partnerships which will help us to drive scale and innovation across the business," said Chief Executive Nandan Mer.
"Whilst lockdowns have eased and normal conditions have returned in several of our markets, the pandemic remains fluid and we are cognisant that our recovery from Covid-19 disruption may not always be straightforward. My focus is to execute against our strategy to drive long term profitable high growth.
"We continue to progress discussions around significant financial institution payment outsourcing mandates, and Saudi Arabia remains a key priority despite the challenges of temporary border closure. Our goal is unambiguous; to scale our presence across our markets, innovate to deliver market leading solutions for our customers, and accelerate our delivery. We have clear plans in place, and I firmly believe that Network is poised for greater growth."
Network International shares were trading 0.3% higher in London on Wednesday at 415.10 pence each, while the wider FTSE 250 was up 0.5%.
By Will Paige; [email protected]
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