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Worldpay Profits Jump

Worldpay’s profits soared to £264m last year, up from £19m in 2015, the company reported.

“We had a very strong 2016, both in terms of financial performance and strategic progress, and we’re starting 2017 better placed than we’ve ever been,” said Woldpay CEO Phillip Jansen, in a prepared statement. “The substantial investments we’ve made in leading edge technology, innovative products, deep market reach and talented people are delivering real benefits for our customers, and our momentum with them is in turn further increasing our confidence in delivering our medium-term growth ambitions. We are continuing to strengthen our global leadership position in payments, and we are well positioned to capitalize on the opportunities for further growth we see in our markets.”

The company further reported:

  • Net revenue and underlying EBITDA growth of 15 percent
  • Substantial increase in free cash flow to £170.9m, despite high levels of investment
  • Significant progress on Worldpay strategy: The company further strengthened its customer relationships, product offering, market reach, people capabilities and technology
  • Thousands of customers successfully transacting on the new acquiring platform; Wolrdpay expects majority of customers to be migrated by end of 2017; some more complex customers migrating in 2018
  • Strengthened leadership team with new appointments to the board and executive committee
  • Medium-term guidance unchanged: The company continues expect net revenue to grow c.9 percent to 11 percent compound annual growth rate
  • Worldpay expects modest underlying EBITDA margin improvement in the second half of 2017 with full year benefits in 2018
  • The company expects capex to reduce to c.10 percent of net revenue in 2018
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