Network International FY sees revenue, profits grow

Payments solutions firm Network International said on Thursday that it had delivered both revenue and profit growth in 2022.

Network International stated total revenues had risen 24.5% to $438.37m, with merchant services revenue up 41.4% at $183.34m and outsourced payment services revenue growing 13.3% to $242.51m.

Underlying earnings also rose 24.5%, to $178.6m, while underlying EBITDA margins expanded 240 basis points to 40.7%. Full-year profits grew 41.6% to $80.1m.

Looking ahead, Network International said it remains "encouraged" by the dynamics seen across its markets, with a high growth transition to digital payments that was "significantly ahead" of more developed economies.

However, Network also stated it was "cognisant of macroeconomic conditions" and growth slowing in some markets across Africa.

"Bringing this together we expect high teens constant currency revenue growth for 2023, with year-on-year growth anticipated to be higher in the second half relative to the first half, given 2022 comparatives and the building contribution of new initiatives including processing in Saudi Arabia, merchant payments in Egypt and commercial payment services," said the group.

Network also stated that it had initiated the second tranche of its buyback programme, up to an aggregate purchase price of a further $50.0m, following the completion of the initial program on 27 January.

As of 0830 GMT, Network International shares were down 1.83% at 267.60p.

Reporting by Iain Gilbert at Sharecast.com