Lower Costs, Improved Revenue Help Worldpay Swing To Quarterly Income.
LONDON (Alliance News) - Worldpay Inc on Thursday said it recorded a profit for the first quarter of 2019 following double-digit revenue growth and a reduction in expenses.
The payment processing company reported revenue for the three months to the end of March of USD970.0 million, up 14% from USD850.7 million reported a year earlier. On an underlying basis, total company and total merchant, which excludes Issuer Solutions, revenue increased by 9% and 10%, respectively.
In the first quarter, Worldpay swung to an pretax income of USD37.7 million compared to a USD111.5 million loss a year earlier. The move was helped by a 49% reduction in general and administrative expenses, which fell to USD127.4 million from USD250.1 million year-on-year.
"We delivered exceptional results, reflecting consistent business fundamentals and strong new sales performance," said Chair & Chief Executive Charles Drucker.
"We signed 16 additional cross-sell wins, keeping us on track to achieve USD100 million in revenue synergies, and we won several strategic new clients."
Looking ahead, Worldpay expects to generate between USD1.06 billion and USD1.07 billion revenue in the second quarter of 2019and between USD4.22 billion and USD4.28 billion revenue for the full year.
Worldpay shares were trading 0.1% higher on Thursday at 8,980.00 pence each in London.
Worldpay is set to leave the London Stock Exchange May 20, after a fall in liquidity of its shares since the January 2018 merger with Vantiv Inc.
By Evelina Grecenko; firstname.lastname@example.org
Copyright 2019 Alliance News Limited. All Rights Reserved.
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|Article Type:||Financial report|
|Date:||May 2, 2019|
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