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Worldpay ends referral deal with RBS
Worldpay (WPY) £67.95
Loss to date: 9.1%
Original entry point: Buy at £74.72, 13 September 2018
a couple of new developments have emerged since we added payment processing firm Worldpay (WPY) to our Great Ideas portfolio in September, although the weak performance of the shares is probably more closely linked to wider market volatility.
Co-chief executive Philip Jansen has been hired to run BT (BT.A) – although we note he was already due to leave Worldpay in December.
A referral arrangement with Royal Bank of Scotland (RBS) is set to come to an end in 2019. Guidance for 2018 is unchanged and there are not expected to be any changes to future revenue expectations as a result.
Worldpay used to be owned by Royal Bank of Scotland until a majority stake was sold to private equity in 2010.