Equiniti Group share price up as company announces an increase in revenue in its first set of full-year results since IPO last October
Share price in Equiniti Group rose this morning as the company announced a boost to its revenues in its first set of full-year results since its float last October.
Revenue at the company grew to £369m for the year ended December 2015, up 26.2 per cent from £292.3m the year before.
Loss before tax at the company, however, increased to £71.7m, from a loss of £38.6m in the prior year, although this was mainly driven by the costs of the recent IPO and restructuring.
Shares in the company were trading up 3.3 per cent at 163.5p shortly after 10am London time.
"I am delighted to be presenting a strong set of results that demonstrate continued progress in line with the strategic objectives that we laid out at IPO," said Guy Wakeley, chief executive of Equiniti. "In addition to delivering a successful listing, we have secured major client wins and developed and deployed a number of new services and technology capabilities."
The company also revealed that it had made two acquisitions of financial services businesses since the start of 2016, purchasing onboarding software KYCnet and credit decisions and risk profiling software RiskFactor.
Meanwhile, analysts at Liberum described today's results as a "strong start" that was largely in-line with their expectations.