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Tags: Coronavirus | Financial Markets | Infrastructure | Money | Vaccines | Nexi | digital payment

Nexi's Q3 Revenues Rise 10 Percent, as Transaction Volumes Recover

digital payment Nexi
(Dreamstime)

Thursday, 11 November 2021 07:57 AM

Italian payments group Nexi reported on Thursday a 10% increase in third quarter revenues to 599 million euros ($687 million), as transaction volumes recovered, particularly in Italy, after coronavirus restrictions were eased.

Nexi shares extended gains after the results and were up 3.5% at 1215 GMT, the best performers on Italy's FTSE Mib index , which was almost flat.

Earnings before interest, tax, depreciation and amortization (EBITDA) rose 15% in the quarter to 317 million euros.

The results are the first to include Nordic payments group Nets, after a merger became effective on July 1.

The strong acceleration in domestic volumes seen in the quarter continued in October, according to slides published on Nexi's website.

The group confirmed its 2021 targets and said it expected to close a merger by incorporating Italian rival SIA by year-end.

Nexi expects 100 million euros of cash synergies to be delivered in 2022 from the Nets and SIA deals, it said in the slides.

It added it had entered into a binding agreement for a strategic partnership with Alpha Bank's merchant acquiring business unit in Greece, after announcing a memorandum of understanding in August. The closing of that deal is expected in the first half of next year, according to the slides.

Nexi said it had also invested in Berlin-based tech company Orderbird, which offers software-payment solutions for the hospitality sector.

($1 = 0.8719 euros)

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
Italian payments group Nexi reported on Thursday a 10% increase in third quarter revenues to 599 million euros ($687 million), as transaction volumes recovered, particularly in Italy, after coronavirus restrictions were eased.
Nexi, digital payment
231
2021-57-11
Thursday, 11 November 2021 07:57 AM
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