Network International to build on strong 2019 despite coronavirus threat

Digital payments specialist Network International saw revenues and earnings jump in 2019 after a strong performance across the business.

The London-listed, Dubai-based company, which is focused on the Middle East and Africa, saw revenues rise by 12% to $334,906 in the 12 months to 31 December. Underlying earnings before interest, tax, deductibles and amortisation rose 13% to $172,314, while reported earnings per share were 11.5 cents, an 121% hike on the previous year.

In the Middle East, revenues rose 9%, while in Africa, they were 22% ahead, helped by increased volumes, new customer wins and cross-selling.

Chief executive Simon Haslam said: "We have achieved a strong financial performance during the year, delivering on the strategic priorities and guidance we set out at the time of the IPO.

"Growth across all business lines remains healthy, enabled by our unique competitive position in our markets. We remain excited about the growth opportunities available to our business: though market consolidation, substantial outsourcing contracts, or selective acquisitions."

Haslam did sound a note of caution, however. "While underlying business momentum remains strong, the coronavirus is having an impact on global travel and spending patterns. Although we are diversified through our presence in multiple geographies and across the payments value chain, we have seen some reduction in client transaction of volumes in the recent weeks.

"The full impact remains uncertain and will depend on the length and severity of the effect of the coronavirus on economic activity in our markets."

Shares in Network, which debuted on the FTSE 250 April last year, were down 12% by 1000 GMT at 468p, during a turbulent session of trading across the market.