- Payments company Network International swung to a first-half loss, citing a slump in customer spending during Covid-19 lockdowns.

Net losses for the six months through June, including from discontinued operations, amounted to $0.94m, compared to a profit of $14.4m on-year.

Revenue fell 12% to 134,157 and underlying operating earnings fell 31% to $52.7m.

'Performance through the period was significantly impacted by Covid-19 related lockdowns, and the associated reductions in domestic and tourism related consumer spending throughout our regions,' Network International said.

The company said the pace of point-of-sale merchant signings had returned to pre-Covid levels, while online gateway signings continued at an accelerated pace, with around 950 new merchants onboarded during 2020.

'There has been much for the business to focus on through this period and we have continued to prioritise supporting our customers and colleagues in navigating through the challenges presented by Covid-19,' chief executive Simon Haslam said.

'Though this has, and will, impact financial performance in the short term; we have a strong balance sheet with significant liquidity.'

'We are very pleased with the recent improvement in trading momentum during July, although it is still early in the second half and seasonally this always a lower revenue month, so our overall outlook for 2020 remains unchanged.'

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