Financial and Operating Highlights
Strong progress across the business: acceleration of our technology, innovation and product development; further strengthened customer relationships and market reach
Robust financial performance against tough comparatives: net revenue grew 11%; underlying EBITDA increased 14% and underlying EBITDA margin4 up 80 bps; free cash flow of £60.3m, reflecting higher tax and increased investment; medium-term net revenue growth guidance unchanged
Continued successful boarding and migrating of customers onto the new acquiring platform; some more complex customers to be migrated in 2018, in line with previous guidance
Sustained strong Global eCom performance, lapping exceptional growth in H1 2016: net revenue +17% and underlying EBITDA +20%. Very strong new business pipeline; continue to broaden and deepen global network, including in high growth regions in Latin America and Asia-Pacific
Resilient UK performance: net revenue +2% against very strong H1 2016; principally reflects scheme fee increases and consumer spending trends. Expect a strong H2, primarily driven by changes in sales strategy, pricing and take-up of value-added products and services
Stable US performance: net revenue +18% (+3% constant currency) with growth in Corporates and Partnerships offset by continued decline of ATM business. Further progress on EMV and Worldpay Total, and on improving resilience, customer service and sales capacity
The boards of directors of Vantiv and Worldpay have announced that they have reached agreement on the terms of a recommended merger of Worldpay and Vantiv. Further details are contained in a separate announcement released today
Interim dividend of 0.8 pence per share, up 23%, reflecting confidence in our prospects. A special dividend of 4.2 pence per share will be paid conditional upon completion of the merger (for details see the merger announcement)
