Worldpay sees FY net revenue growth at lower end of its guidance

In the three months to the end of September, pre-tax profit rose to £62.5m from £60.4m in the same period a year ago, on revenue of £1.27bn, up from £1.17bn. However, in the nine months to the end of September, pre-tax profit fell to £191.4m from £229m, on revenue of £3.78bn, up from £3.31bn.

The company said it saw a strong performance in Global eCom, but continued slower consumer spending and weaker sales in the UK market in the third quarter and a continuation of the US trends identified in the first half. In addition, it said the strengthening of the pound against the US dollar hit net revenue.

Worldpay said it expects net revenue growth for FY 2017 to be at the lower end of its existing guidance range due to several factors, namely the consumer slowdown in the UK market and the strengthening of the pound.

"We expect the trends in the UK and the US that we have seen in the third quarter to continue into 2018," it said.

The company also said on Monday that since its merger with Vantiv was announced, they have made "good progress" on all aspects of the transaction and integration planning has commenced.

Vantiv and Worldpay anticipate that their respective shareholder meetings will be convened in early January 2018 and that the merger will complete in mid-January 2018, subject to, amongst other things, the necessary shareholder approvals.

At 1530 GMT, Worldpay shares were up 0.3% to 416p.