Equiniti Group PLC - services and payments firm based in Crawley, West Sussex - Guides for annual revenue of between GBP480 million and GBP490 million in 2020, after reporting revenue of GBP555.7 million in 2019. Explains that "whereas the underlying business remains resilient, market-paid and discretionary revenues will continue to be affected by the continuing disruption to capital markets and the reduction in central bank interest rates." Expects to post underlying earnings before interest, tax, depreciation, and amortisation of GBP93 million to GBP97 million compared to GBP136.0 million in 2019 with cash conversion of between 75% and 85% and leverage of 3.2 times to 3.6 times post-IFRS 16 from 2.5 times in 2019. Current senior debt facilities GBP520 million in place until July 2024.
Chief Executive Guy Wakeley: "Current trading continues to be difficult, although we are seeing the usual acceleration into Q4. We continue to make strategic progress as evidenced by our strong order intake and resilient financial position, but pending any recovery in our markets we continue to tightly manage costs and cash flow through this now extended period of disruption."
Current stock price: 97.20 pence; down 6.4% on Friday
Year-to-date change: down 53%
By Anna Farley; annafarley@alliancenews.com
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