Equiniti kicks off 2019 with string of new client wins

Equiniti Group on Thursday reported that 2019 has "started well" with a number of new client wins, leaving the company confident of achieving full-year expectations.

The technology-led services and payments specialist said all its renewing relationships have been continued, including clients such as ABF, Fresnillo, M&G Prudential, Comcast and Proctor & Gamble, while new client wins include National Grid, Danske Bank and DWF in the UK, and WABTEC and Cincinnati Financial in the US.

Meanwhile, trading in the US was proceeding in accordance with previous guidance, with the separation of the share registration business from Wells Fargo anticipated to conclude by June 2019 with an expected cost of £45m.

The FTSE-250 listed company added that its specialist and non-discretionary services are largely insulated from the continuing uncertainty in the macro-economic environment and thus left its expectations for full year unchanged.

Analysts from Liberum said: "The company has added a number of new clients during the period as well as retaining all of its major existing clients. Separation and integration of the EQUS business remains on track, and momentum from the selling of new services into North America is progressing well. We continue to believe that the current rating fails to reflect the potential of the enlarged group."

Equiniti Group's shares were up 1.58% at 218.40p at 0831 BST.