Revenues top £555m at listed services and payments specialist

Equiniti Group, parent company of Leeds-based Equiniti Credit Services, has seen its revenues climb 4.7% to £555.7m.

The business has published its results for the year ended 31 December 2019, which also feature a rise in pre-tax profits from £24.3m to £39.8m.

The company reported “solid financial progress”, despite a global slowdown in corporate activity, US interest rate cuts and a reduction in trading volumes in its execution-only brokerage service as a result of the uncertain equity market trading conditions.

And Equiniti said it had managed continued strong client retention, with new wins across all UK divisions.

Guy Wakeley, chief executive, said: “2019 has been a year of solid progress where we have surmounted the challenges of separating and integrating our North American business whilst sustaining progress in the uncertain operating environment in the United Kingdom. 

“This progress was despite a global slowdown in corporate activity in the second half of the year, affecting both Investment Solutions and EQ US, and a reduction in US interest rates. 

“Trading volumes in our execution-only brokerage service were suppressed by the uncertain equity market trading conditions. 

“During 2019 strong foundations have been built to support the growth of our UK and US franchises with increased market share and new product sales along with the significant opportunity to increase the digitisation and automation of our core services.

“Investment has been maintained to strengthen our competitive position.

“Continuing regulatory pressure ensures our products and services have never been more relevant, and our intent remains to deliver organic revenue progression along with increasing margins and strong operating cash flow conversion.”