#Dubai's Network International H1 revenue up a forecast-beating 16.5% | Reuters

Dubai's Network International H1 revenue up a forecast-beating 16.5% | Reuters

Dubai-based payments processor Network International (NETW.L) on Wednesday beat expectations with a 16.5% rise in first-half revenue as its merchant solutions business and main markets continued to recover from the pandemic.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 17.2% to $60.4 million in the period ended June 30 on revenue of $156.4 million, Network International said in a regulatory filing on the London Stock Exchange.

The results showed stronger-than-expected revenue growth in its merchant solutions business, which provides services and solutions that allow merchants to accept card or digital payments from consumers.

"We are seeing a recovery from COVID-19, with the majority of KPIs (key performance indicators) now ahead of pre-pandemic levels, including the signing of new merchant and bank customers," CEO Nandan Mer said.

"We are particularly focused on accelerating growth in our merchant solutions business," he said.

The company expects revenue this year to be slightly higher than 2019 given an ongoing recovery from the pandemic, it said.