19 November 2019 – trading update

A trading update for the period 1 July 2019 to 18 November 2019 has been released.  For the full year results are now expected to be towards the upper end of market expectations for revenue and towards the lower end for underlying EBITDA due to weaker higher margin UK corporate activity.  Revenue is currently forecast to be between £550m and £567m, whilst underlying EBITDA is forecast to be £136m to £142m.  The shares fell on the news and three directors subsequently bought shares at between 190p and 199p per share.  The news may hold the share price back in the near term but this remains a high quality business.  We now rate Equiniti as a LONG TERM BUY.