Network International posts big increase in 1H sales and free cash flow

Network International posted big increases both on its topline and in free cash flow for the half.

The company's chief executive officer, Nandan Mer, said growth continued to be supported by accelerated digital payments growth in key markets with growth in its home UAE market especially "good".

During the period it also secured three more financial institutions in Saudi Arabia and signed more than 700 merchants in Egypt.

"Whilst overall Africa performance was slower on the back of tough macro-economic conditions, we have recently deployed on-soil technology capabilities in South Africa, positioning Network to better serve customers locally and providing excellent foundations for future growth," he added.

For the six months ending on 30 June, the company, which provides technology-enabled payments as a service to merchants and financial institutions in the Middle East and Africa, said saies were up by 19% at constant currencies to reach $239.29m.

Merchant services drove growth with sales up by a third to $111.36m.

Profit for the half was up by 9.1% on a year ago to $34.9m and underlying free cash flow 63.5% stronger at $65.36m.

Leverage meanwhile reduced from 0.7 times' its earnings before interest, taxes, depreciation and amortisation to 0.6.