- Digital commerce company Network International Holdings said that revenue for 2020 was ahead of guidance, totalling $284 million.

Underlying Earnings before interest, taxes, depreciation, and amortization (EBITDA) is also anticipated to be slightly ahead of market expectations.

Fourth quarter total revenue was down 19% year-on-year, although absolute revenues in Q4 were higher than Q3, reflecting the continuing recovery in card and digital transactions.

Chief executive Simon Haslam said: ‘We continued to see encouraging market trends throughout the final quarter and are pleased to report that we exited the year with positive momentum across all of our business lines.

‘In our core market of the UAE, domestic direct acquiring TPV has fully recovered to 2019 levels, supported by strong e-commerce spending, while international volumes also benefitted from a pick-up in tourism over the holiday period.’

The company expects the acquisition of DPO to be completed in the first quarter.

At 10:00am: [LON:NETW] Network International Holdings PLC share price was 0p at 239.4p

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