Network International Holdings PLC on Wednesday lifted guidance for 2022 and said it expects to see little disruption from Russia’s invasion of Ukraine.

Shares in the company were 14% higher at 195.10 pence each in London on Wednesday morning, one of the best mid-cap performers.

In 2021, the payment solutions provider’s revenue increased 24% to $352.2 million from $284.8 million in 2020. Pretax profit jumped to $63.4 million from $10.3 million.

Middle East and Africa-focused Network International said total processed volumes jumped 28% to $42.8 million. Transaction numbers were 29% higher at 979.9 million.

‘We are encouraged by the momentum we saw in 2021 and the recovery of our business from the pandemic, which has continued into 2022. In regard to the circumstances related to the Russia-Ukraine conflict, we have taken action to comply with all sanctions,’ Network International said.

Revenue exposure to Russia and Ukrainian spending is roughly 1%, it explained.

Network International added: ‘Whilst we are mindful of the potential impacts of international tensions, including those around travel and general consumer confidence; at this stage we continue to expect group revenue growth of 27% to 29% in 2022 as previously guided.’

The outlook for profit margin has received a bump, however.

The company now expects the underlying earnings before interest, tax, depreciation and amortisation margin to expand in 2022. It previously guided for this to stay flat.

In 2021, the underlying Ebitda margin improved to 38.3% from 36.1%.

Copyright 2022 Alliance News Limited. All Rights Reserved.