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Equiniti swings to loss as low rates and cancelled dividends hit sales
Thu, 1st Apr 2021 10:31
(Alliance News) - Equiniti Group PLC on Thursday reported a pretax loss and a drop in revenue for 2020, as the payment and financial administration services provider was hurt by companies cancelling dividends and central banks cutting interest rates.
Shares were down 3.1% to 125.25 pence in London.
The Crawley, West Sussex-based company swung to a pretax loss of GBP6.6 million, after making a GBP39.8 million profit in 2019. Revenue fell 15% to GBP471.8 million from GBP555.7 million.
Equiniti will not pay a dividend for 2020, after paying 1.95 pence per share the previous year. It said it will resume dividends once new orders translate into profit growth, leverage falls and free cash flow to equity holders continues.
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1 April 2021 | 08:05am
StockMarketWire.com - Payments services group Equiniti swung to a pre-tax loss as the pandemic dented business activity from higher-margin market-paid and discretionary projects.
Equiniti also said John Stier would be stepping down as chief financial officer.
For the 12 months to 31 December 2020, pre-tax losses were £6.6 million compared with a profit of £39.8 million year-on-year as revenue fell 15.1% to £471.8 million.
A slower fourth quarter than anticipated also weighed on results due to extended sales cycles and economic pressures towards the year, the company said. While uncertainty continues, the outlook for capital market activity in 2021 is encouraging and we have started the year well with a number of important new business wins, the company said.
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