Payment processor Worldpay has reported an attributable net income of $12.8m for the year ended 31 December 2018.

This marks a 90% slump from $130.1m in the previous year.

Net income per diluted share attributable to Worldpay was $0.04, versus $0.80 a year ago.

The firm’s net revenue for the twelve months to December 2018 was $3.92bn, a surge of 85% from $2.12bn in 2017.

Sales and marketing costs soared 85% year-on-year to $1.13bn, while administrative costs more than doubled to $662.1m.

Depreciation and amortisation expenses soared to $1.09bn in 2018 from $318.5m a year ago.

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Other operating costs also rose, increasing from $698m to $318.7m.

Adjusted earnings before interest, taxes, deprecation and amortisation (EBITDA) in 2018 was $1.89bn, up 86% from $1.02bn last year.

The firm’s net income for the fourth quarter of 2018 stood at $110.5m, compared to a loss of $59.7m in the same quarter of 2017.

Net revenue for the three months to December 2018 was $1.05bn, an increase of 85% from $569m in the previous year.

Worldpay chairman and CEO Charles Drucker said: “The high rates of organic growth and the continued acceleration in technology solutions shows the power of our strategy.

“Our strong business fundamentals position us for continued growth in 2019.”

Worldpay was created following Vantiv’s acquisition of Worldpay Group last year.