Network International swings to profit as demand recovers

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Payments company Network International swung to a first-half profit after it processed more transactions and hosted a higher number of cards.

Net profit for the six months through June amounted to $15.0 million, compared to a year-on-year loss of $0.9 million.

Revenue rose 17% to $156.4 million and underlying earnings before interest tax, depreciation and amortisation also rose 17%, to $60.4 million.

The company did not declare an interim dividend.

Network International said its performance reflected an ongoing recovery from Covid-19.

Profit, it added, also was boosted by lower interest costs.

Looking forward, it said its expected profit outturn for the full year was unchanged.

'Given the ongoing recovery, we now expect to see total revenues slightly higher than those recorded in 2019,' it added.