February 12, 2020 / 12:44 PM / 8 days ago

Italy's Nexi earnings in 2019 boosted by sales growth, cost cutting

MILAN, Feb 12 (Reuters) - Italian digital payment group Nexi posted a 18.5% increase in core earnings in 2019 boosted by cost cutting and a growth in sales.

The company, which saw revenues of 984 million euros, posted core earnings of 503 million euros ($548.82 million), broadly in line with company guidance and market expectations.

In a statement Nexi chief executive Paolo Bertoluzzo said actions taken last year would help the company seize M&A opportunities “in a more dynamic and active international environment”.

Last December Nexi bought the retail payment business of Italy’s biggest bank Intesa SanPaolo in a 1 billion euro deal.

The European payment sector is undergoing a consolidation, with the companies trying to keep up with fast-changing consumer habits and technologies. Earlier this month Worldline agreed to buy French rival Ingenico in a 7.8 billion euro deal. ($1 = 0.9165 euros) (Reporting by Elisa Anzolin)

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