9th Mar 2020 09:04
(Alliance News) - Network International Holdings PLC on Monday reported double-digit revenue growth in 2019 and said it is excited by the growth opportunities going forward.
The payments solutions provider reported pretax profit for 2019 of USD65.6 million compared to USD57.7 million a year earlier, as revenue rose by 12% to USD334.9 million from USD297.9 million.
During the year, Network International processed USD43.78 billion worth of transactions, up 9.6% on the prior year. Total number of transactions grew by 10% to 752.0 million.
The FTSE 250-listed company proposed a dividend of 3.1 US cents per share.
Looking ahead, Network International said it expects a slight dilution to earnings before interest, taxes, depreciation and amortisation margins in the short term, reflecting the investment to grow its position in newer markets, accelerate its separation of shared services from Emirates NBD, and revenue mix.
"I am particularly pleased that we have successfully migrated customers to our new technology platforms," said Chief Executive Simon Haslam.
He added: "We remain excited by the growth opportunities available to our business; through market consolidation, substantial outsourcing contracts, or selective acquisitions. Such opportunities typically require investment and time to develop, but will generate significant incremental returns over the longer term."
Network International shares were trading 17% lower in London on Monday at 445.50 pence each.
By Evelina Grecenko; [email protected]
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