Payments provider Worldpay has delivered a huge leap in pre-tax profits for 2016, despite sluggish revenue growth in its American business.
The company, London’s biggest flotation of 2015, said today that profits stood at £264m, up from just £19m in the previous year. Revenues rose by 15 per cent to £4.5bn. It processed 15bn transactions over the year, up by 14 per cent, all despite a technical outage last summer delayed millions of payments.
“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 chief executive Philip Jansen.
Still, he added that the company is struggling to make headway in the US.
In the US, we delivered better operational execution in 2016 and are making good progress towards building a sustainably stronger business… However, we are not yet seeing the benefits of the execution of our strategy on our top line, and net revenue grew 2% in 2016. This will be a key focus in 2017 and 2018.