Network International Holdings Plc, Q4 2022 trading update

Network International Holdings Plc, Q4 2022 trading update

Strong revenue growth in-line with guidance1

- Expected FY22 Group revenue of USD 438m, up 27%1 y/y or 29%1 y/y excluding currency translation impacts. Continued margin expansion with u.EBITDA anticipated to be in line with market expectations2.

- Revenue growth quoted based on 2021 revenue of USD345m, excluding the three-month contribution from DPO, as per company guidance. 2. Company compiled consensus average for 2022 underlying EBITDA of USD179m. Financials are subject to audit and final figures will be published with 2022 preliminary results on 9th March 2023.

Merchant Solutions growth acceleration vs pre-pandemic during Q4, driven by the UAE

- Q4 direct-to-merchant Total Processed Volume (TPV) in Jordan and the UAE up 23% y/y, with domestic TPV up 21% y/y (38% vs. 2019) and international TPV up 28% y/y (34% vs. 2019).

- DPO Q4 TPV growth of 25% y/y in constant FX, which whilst strong, has been impacted by more challenging macroeconomic conditions and underlying market growth in South Africa.

- Successfully launched direct-to-merchant services in Egypt, with the first SME merchants onboarded and transacting through Network’s point-of-sale terminals.

- Growth momentum supported by focus and execution in strategic growth areas, with online TPV (excl. Government/Airlines) up 40% y/y and SME TPV up 47% y/y.

Issuer Solutions