We are well positioned to deliver a good performance in the second half of the year, in line with our medium-term guidance which remains unchanged. While the UK’s vote to leave the EU has resulted in increased uncertainty, we do not expect it to have a material effect on Worldpay’s trading performance.
If current foreign exchange rates are maintained, these are likely to provide further benefits from the translation of our second half overseas earnings into Sterling. However, we expect the very strong Global eCom acquiring and treasury management performance we saw in the first half to moderate to more normal growth levels in the remainder of the year. In addition, we do not expect an incremental benefit to Worldpay UK in the second half of 2016 from the reduction in interchange costs. These reductions principally occurred in the second half of 2015, with the benefits mainly seen in that period and the first half of 2016.
Our guidance for the medium-term is unchanged: we continue to expect net revenue growth of approximately 9% to 11% CAGR over the medium to long term, and stronger operating leverage and cash flow from the second half of 2017 onwards. Our confidence in our prospects is reflected in the declaration of our maiden interim dividend of 0.65p per share.