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Payments specialist Equitini reported a rise in profit as acquisitions contributed to growth despite a global slowdown in corporate activity in the second half of the year, hurting both its investment solutions and EQ business in the US.
For the 12 months to 31 December 2019, pre-tax profit rose to 63.8% to £38.9m on-year as revenue increased 4.7% to £555.7m.
Looking ahead, the company said its interest income would be affected by 'reductions in central bank rates partially offset by hedging and a reduction in interest payables, therefore weighing on organic growth.'
'Additionally, the unpredictable spread of the Covid-19 virus introduces further uncertainty to the current year, particularly from delays in corporate decision-making and financial market volatility affecting corporate activity,' it added.
In a separate statement, the company also announced the the acquisition of Monidee, an employee share plans technology business based in Amsterdam for undisclosed sum.
At 9:27am: (LON:EQN) Equiniti Group PLC share price was -11.85p at 155.15p