Dutch online payments firm Adyen has reported a growth in earnings and revenue though margin was hit by the Covid-19 crisis.

The payments firm usually releases its results biannually. However, it made an exception this time owing to the pandemic.

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The firm reported net revenue of €135.5m in Q1 2020. The figure is a 34% surge compared to the previous year’s figure of €101.5m.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) of €63.6m were 16% higher than a year ago.

However its profit margin dropped to 47% from 56% last year due to investment in headcount expansion and marketing and impact on net revenue due to the pandemic in March.

The firm made 169 new hires in the first quarter, increasing its staff strength to 1,351.

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Adyen reported negative impact mainly in the travel and in-store retail verticals.

Digital goods and online retail was the bright spot, registering positive impact.

The firm recorded “stabilisation” in the first two weeks of Q2.

Adyen CFO Ingo Uytdehaage said: “At Adyen, we build everything for the long-term. The COVID-19 pandemic does not change that.

“Notwithstanding, where we have traditionally shied away from providing short-term updates, we felt it sensible to provide additional transparency to our shareholders during these unprecedented times. For us, we continue to focus on our merchants to help them navigate this new environment, albeit from a distance.”