Market Update Economic Events Directors Deals Commodities Prices News Market Movers

Equiniti sees FY earnings at top end of expectations; shares rally

Friday, 27th July 2018
Specialist technology outsourcer Equiniti said Friday it expected full year earnings at the top end of market expectations after first-half revenues and earnings topped expectations.

For the six months to June 30, pretax profit fell 61.4% to £2.7m from £7.0m a year earlier, revenue rose 30.4% to £254.0m and underlying earnings (EBIDTA) rose 31.6% to £55.0m.

The double-digit first-half revenue and underlying earnings (EBITDA) growth topped expectations, the company said.

Underlying earnings (EBITDA) growth of 31.6% with margin increased to 21.7% was driven by strong performances in investment solutions and intelligent solutions and continued operational improvement, the company said.

The fall in profit, meanwhile, emerged as the company recorded costs of £14.1m relating to acquisition of EQ USA.

The interim dividend was raised 11.6% to 1.83p per share.

'The first half of 2018 has been our strongest reporting period yet, with accelerating organic growth supplemented by the successful completion of the high quality Shareowner Services business from Wells Fargo Bank,' said Guy Wakeley, Chief Executive.

'We have been pleased with performance in the first half, and expect full year earnings to be towards the top end of market expectations'.

At 8:24am: (LON:EQN) Equiniti Group Plc share price was +24p at 232p

Story provided by

Related Shares: Equiniti

Share Search
Share Search Share Search

Visit the Share Search.
Share Search

Share News
Share News will do their best to ensure the quality of the information displayed on this site, but all information is provided as-is, free of charge. We cannot be held responsible for any loss, material or otherwise, due to incorrect information found here. UK data supplied by NBTrader and Digital Look. Share Prices are at least 15 minutes delayed.