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Equiniti swings to loss as pandemic impact dents margins; CFO to step down
StockMarketWire.com
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Payments services group Equiniti swung to a pre-tax loss as the pandemic dented business activity from higher-margin market-paid and discretionary projects.
Equiniti also said John Stier would be stepping down as chief financial officer.
For the 12 months to 31 December 2020, pre-tax losses were £6.6 million compared with a profit of £39.8 million year-on-year as revenue fell 15.1% to £471.8 million.
A slower fourth quarter than anticipated also weighed on results due to 'extended sales cycles and economic pressures towards the year,' the company said.
'While uncertainty continues, the outlook for capital market activity in 2021 is encouraging and we have started the year well with a number of important new business wins,' the company said.
Looking ahead, the company said its targeting a further £15 million of cost savings in 2021.
At 8:05am: (LON:EQN) Equiniti Group PLC share price was 0p at 107.2p
Story provided by StockMarketWire.com
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