Financial and Operating Highlights
Strong net revenue growth of 16% (14% at constant currency): expansion of business with existing customers, roll-out of enhanced capabilities and innovation, and new customer wins
o Global eCom net revenue grew 25%: driven by growth in existing customer portfolio and a good contribution from new customers; also reflects very strong acquiring and treasury performance; we expect a moderation to more normal growth levels in the second half
o Worldpay UK net revenue grew 12%: continue to increase customer numbers and product penetration through cross selling; also benefited from the overall positive effect on product propositions and pricing following the reduction in interchange costs
o Worldpay US performance improving: net revenue growth of 11% (5% at constant currency); transaction volume up 10%; encouraging progress in the transformation of the US business
Underlying EBITDA grew 19% (18% at constant currency), driven by revenue growth, and by strong cost management and improved efficiency in Worldpay UK, partly offset by continued investment in Global eCom and Worldpay US
Success in growing our share of existing customer business and winning customer contracts giving increased visibility on longer-term growth prospects
Further strengthening our capabilities to help our customers prosper, including through the addition of new payment types and transformational products and services
Have begun boarding customers onto our new acquiring platform; boarding of all UK and Global eCom customers expected to be completed in the next 12 months
"We delivered a strong first half performance, further enhancing our product propositions, and deepening our capabilities and presence, both by geography and across our divisions and verticals. We are well positioned to deliver a good performance in the second half of the year, and our medium-term guidance remains unchanged. While the UK's vote to leave the EU has resulted in increased uncertainty, we do not expect it to have a material effect on Worldpay's trading performance. Our confidence in our prospects is reflected in further investment in capabilities to support sustainable growth over the medium-term, and the declaration of our maiden interim dividend of 0.65p per share."
