30th Oct 2019 08:41
(Alliance News) - Network International Holdings PLC on Wednesday said it is performing well after a strong first half and is currently in line with guidance.
The digital commerce company, which focuses on the Middle East and Africa, will announce its 2019 annual results in the week beginning March 2, 2020. These are expected to be solid, following "a strong first half of the year".
"We are pleased with the good growth across all of our key performance indicators, which is driving strong revenue growth in both the business lines and geographic segments. We are also encouraged by the progress we continue to make across our strategic priorities," said Network International.
The company's migration of customers onto its new Network One platform is going "as planned" and Abu Dhabi Commercial Bank's issuing portfolio was "successfully migrated" earlier in October.
Moreover, the firm has inked a multi-year contract renewal with Orabank, covering "a range of services across issuer and merchant solutions in 12 markets". It also signed an agreement with CR2 for mobile banking as a managed hosted service to customers.
Network International is now eyeing up Saudi Arabia as its next market entry and is "carefully planning the incremental investment needed to enter the Saudi Arabian market". A update on this plan will be included with its annual results.
In addition, the firm is close to finalising the first set of product sales and product initiatives with Mastercard Inc under the commercial agreement signed between the two firms back in August. This partnership is expected to be "incremental to the core guidance set out" when Network International had its initial public offering.
According to Network International, it is still confident of growth and believes is can "capture the very significant opportunities" in its markets. The firm is on track for its guidance of "low double-digit constant currency organic revenue growth" and stable underlying earnings before interest, depreciation, taxation, and amortisation margins in 2019.
Shares in Network International were down 1.3% at 531.00 pence in London on Wednesday morning.
By Anna Farley; [email protected]
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