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Interim Results

Worldpay hikes divi as transaction value grows

09 August 2017 07:39

Payment processing company Worldpay (WPG) grew its net revenue by 11% to £600.5 million in the first half, helped by foreign exchange and an 11% growth in the value of transactions.

Revenue growth was in line with the company's guidance of 9% to 11% compound annual net revenue growth over the medium term.

Underlying EBITDA grew by 14% with the margin rising by 80 basis points. The company said this reflects good cost control and the benefits of its operating leverage.

Free cash flow generation was £60.3 million despite continued high levels of investment and higher tax payments.

Worldpay announced an interim dividend of 0.8 pence per share, a 23% increase.

There was strong performance in the Global eCom division with net revenue up 17% and underlying EBITDA up 20%.

In the UK, net revenue rose by 2% reflecting scheme fee increases and consumer spending trends. Worldpay said it expects a strong second half, primarily driven by changes in sales strategy, pricing and the take-up of value-added products and services.

In the US, net revenue was 18% higher (3% constant currency) with growth in corporates and partnerships offset by a continued decline of ATM business.

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