Airtel Money reported a 25.1% increase in constant-currency revenue to $830m in the six months to 30 September, in its first results since listing in London earlier this month.

The company, which operates across 13 African countries, benefited from rapid customer growth and rising demand for digital financial services.

Profit after tax rose to $228m, up from $188m a year earlier, while the customer base increased 18.7% to 56.7m users.

Growth was led by higher-value financial products and payments activity. Revenue from payments and transfers climbed 29.4% on a constant-currency basis, while financial services revenue surged 44.8%, comfortably ahead of the 27.6% increase in traditional wallet services.

The scale of activity on the platform continued to expand, with annualised total processed value reaching $270bn in the second quarter, up 36.4% year-on-year.

Underlying earnings increased 26.4% in reported currency to $398m. The EBITDA margin eased to 48% from 50.8%, however, reflecting changes to intra-group agreements and additional levies in one market. Airtel Money said the impact should moderate in the second half, leaving it on track to meet its full-year targets.

The group declared an interim dividend of $6.4 cents per share and maintained its full-year outlook for revenue growth in the mid-20% range.

Chief executive Ian Basil Ferrao said: "Our oversubscribed London listing was a landmark achievement for Airtel Money and a vote of confidence in our business model and strategy. Our first half was in line with our expectations.

“Our growth trajectory remains compelling, supported by powerful structural tailwinds and proven execution. Our fastest growth is coming from payments and transfers and financial services, which are higher-quality revenue streams. And with around 75 million Airtel telco subscribers not yet using Airtel Money, our runway for growth remains significant.

"As a listed company, our focus is unchanged: disciplined execution, connecting more people and businesses to the formal financial system, and delivering for our shareholders in line with our guidance.”

Shares rose around 2.5% in early trading following the results but remained below their 196p IPO price, trading at approximately 184p.

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