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MILAN, July 29 (Reuters) — Italian payments group Nexi on Friday confirmed its 2022 goals, after reporting a 20.5% rise in second-quarter core profit with revenue growing robustly across all its markets.
The acquisition of domestic peer SIA and Nordic rival Nets, which it completed last year, have turned Nexi into Europe’s biggest payment service provider by processed volume.
Revenue rose 10.2% year on year to 808.2 million euros ($826.87 million), Breaking news while earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 395.0 million, with the EBITDA margin at 49% versus 45% a year earlier.
Nexi confirmed it expected revenue to rise between 7% and 9% year on year, with EBITDA growth of between 13% and 16%.
The company, which reaps more than half its revenue from payments services to retailers, said sales at its Merchant Services & Solutions division were up 15.8% annually in the second quarter.
The Cards and Digital Payments business, which accounts for roughly 30% of revenue, saw a 5% yearly rise in revenue in the April-June period.
The third leg of its operations, Digital Banking & Corporate Solutions, posted a 3.3% yearly rise in revenue.
Like other fintech firms Nexi has seen its shares slump.
By 1031 GMT shares in Nexi were trading 2.3% lower at 8.68 euros each — less than half the level of a year ago.
Earlier on Friday Nexi said it had been selected by Microsoft as one of its main European providers of e-commerce payment solutions.In turn, Nexi has picked Microsoft as its preferred cloud provider.
The two companies will jointly develop cloud and digital payments solutions for independent software vendors, Nexi said. ($1 = 0.9774 euros) (Reporting by Valentina Za; Editing by Kirsten Donovan)
