This is Worldpay’s second annual report since IPO in 2015 when they became a FTSE 100 Company. Having set out a persuasive story the previous year, the main objective was to report progress with clarity to their shareholders, 99.65 of whom are institutions, keeping the narrative as concise as possible.
The first few pages of the report provide the reader with an overview of the Company with facts, figures and operational highlights.
A concise Chairman’s statement is followed by a strategic update from the CEO that includes the introduction of the Company’s new approach to corporate responsibility. The market section analyses the five main trends affecting the electronic payment services industry and explains how Worldpay will position itself to take advantage of these opportunities.
Worldpay’s best practice business model clearly outlines how the Company uses its resources and relationships to create sustainable value at each stage of the business model for their varied stakeholder groups.
It was important for Worldpay to demonstrate that the strategy they outlined in their first report was working and delivering results in line with expectations. Each of their five strategic priorities includes the achievements in the year and plans for the following year.
The Company’s key performance indicators directly link to the five strategic priorities, with a four-year comparison chart for each KPI. By doing this Worldpay indicates whether their performance in 2016 is on target, while providing medium-term targets to achieve over the coming years.
Worldpay’s risk section paints a picture of its assessment of risk and how it is managed within the business. It includes a comprehensive discussion on risk management, followed by a break down of each principal risk into – movement in the year, risk appetite, risk indicators, potential impacts, mitigants and actions in 2016.
The Corporate Governance section shows how the Board engages with the strategic direction of the business. It includes Committee Reports detailing number of meetings held, the composition of the Committee and role of the Committee and principal activities during the year.
The 2016 report clearly sets out Worldpay’s story and focuses entirely on content relevant to institutional investors, who have noted its ‘matter of fact’ style and helpful linkage throughout.