- Payments company Network International booked a large fall in annual profit after the pandemic shrank transaction volumes.

Pre-tax profit from continuing operations for the year through December slumped to $10.3 million, down from $64.0 million year-on-year, as revenue dropped 15% to £284.8 million.

The company did not declare a final dividend.

Total processed volumes reversed 33% to $33.5 billion, even as the number of cards hosted rose 14% to 16.2 million.

Looking ahead, Network International said it expected its revenue in 2021 to return to around the same level achieved in 2019.

'We are encouraged by the positive momentum we saw at the latter end of 2020 and the accelerating secular trends that will support our business, which gives us confidence in the long term outlook,' the company said.

Still, it said it had seen some headwinds to trading during the initial months of 2021, linked to arise in Covid-19 cases across the UAE and some restrictive measures.

'Whilst the fluidity of the pandemic creates some uncertainty, we expect 2021 total revenues to return approximately to those recorded in 2019,' Network International said.

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