Simon Haslam, Chief Executive Officer, commented:
“Following our successful listing on the London Stock Exchange in April 2019, I am pleased to report that Network International has delivered a strong first half performance, with revenue and underlying EBITDA growth of 12.4% and 13.9%, respectively.
Our markets are exposed to a number of strong secular trends that we aim to capture through the execution of our strategic agenda. Over the last six months, we have successfully extended contracts with some of our largest customers, deployed exciting new products at scale and strengthened our sales and innovation pipeline. I am also pleased to report that our technology transformation remains on track for completion in 2019, with customers representing more than 96% of revenues migrated to the new platforms already. These platforms will underpin the growth of the organisation for many years to come.
I also have the pleasure of announcing that following the cornerstone investment by Mastercard at the time of listing, we have now signed a commercial agreement that will form the basis of our strategic partnership and identifies the areas where we can collaborate to drive growth in the development of digital payments in the markets we operate in.
Looking ahead to the rest of the year, we are well positioned to deliver on the guidance shared at the time of listing and anticipate delivering low double-digit constant currency organic revenue growth while maintaining stable underlying EBITDA margin. We expect our performance to accelerate to low-to-mid-teen organic constant currency revenue growth along with further moderate operating leverage over the medium-to-long term, with a number of growth accelerators being pursued that are expected to provide incremental upside in due course.”
Tel: +971 (0) 4 303 2435
Rohit Malhotra, Chief Financial Officer
Tel: +971 (0) 4 450 7642
Tel: +44 (0) 207 251 3801
Analysts & Investors
Andy Parnis, Robert Allen
A conference call for analysts and investors will be held today at 9.00am UK / 12.00pm GST. To participate, interested parties are asked to dial +44 (0)330 336 9127 (UK) / 8000 3570 2653 (UAE) / +1 323 994 2093 (US) / +44 (0)330 336 9127 (ROW) 10 minutes prior to the scheduled start of the call using the reference 6905071. Alternatively, details of the audio webcast of the call can be found at https://investors.networkinternational.ae/investors/earnings-call/. A replay of the call will be available from 12pm UK / 3pm GST on 14 August.
Forward Looking Statements
This announcement contains certain forward-looking statements with respect to the financial condition, results or operation and businesses of Network International Holdings Plc. Such statements and forecasts by their nature involve risks and uncertainty because they relate to future events and circumstances. There are a number of other factors that may cause actual results, performance or achievements, or industry results, to be materially different from those projected in the forward-looking statements. These factors include general economic and business conditions; changes in technology; timing or delay in signing, commencement, implementation and performance of programmes, or the delivery of products or services under them; industry; relationships with customers; competition; and ability to attract personnel. You are cautioned not to rely on these forward-looking statements, which speak only as of the date of this announcement. We undertake no obligation to update or revise any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances.
© Press Release 2019