Italy's Nexi posts 2020 core earnings of 601mn euros, in line with target
- For 2021, Nexi said its ambition was for revenues to rise at a mid-high single digit rate, assuming a gradual recovery from the pandemic in the first half of the year.
- Nexi expects to conclude the Nets deal in the second quarter and the SIA deal in the third one, Chief Executive Paolo Bertoluzzo said during a call with analysts.
MILAN: Italian payment group Nexi's core earnings rose 2.5% to 601 million euros ($730 million) last year, in line with its "aspirational target" of 600 million euros, as it signed the binding agreement for a planned merger with domestic rival SIA.
The company said on Thursday its 2020 revenues were down 2.8% to 1.04 billion euros, after fourth-quarter transaction volumes dropped 8.6% due to the new restrictions introduced in Italy to contain the coronavirus pandemic.
For 2021, Nexi said its ambition was for revenues to rise at a mid-high single digit rate, assuming a gradual recovery from the pandemic in the first half of the year. It also hopes for a broadly stable EBITDA margin this year.
Last October Nexi signed a memorandum of understanding for an all-share merger with SIA followed, just over a month later, by a similar operation with Nordic rival Nets, as consolidation sweeps through the fast-expanding payments industry.
Nexi expects to conclude the Nets deal in the second quarter and the SIA deal in the third one, Chief Executive Paolo Bertoluzzo said during a call with analysts.
The three groups merger will create one of Europe's largest payments group, which will compete with French group Worldline , itself fresh from the acquisition of Ingenico.
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