SHARES in British-based financial services firm Equiniti fell over 13 per cent yesterday after it announced that its full-year earnings would be towards the lower end of market expectations.

In a trading update, the company said earnings for the year were estimated at between £136m and £142m, due to weaker higher margin UK corporate activity. The company also said that its expectations for revenue would be at the upper end of its guidance of £550m to £567m.

Despite the change in guidance, Equiniti said that the company's performance had been reassuring. Client retention remained strong across the group, and it had secured new customers across all of its divisions. Equiniti's investment solutions division has continued to take market share, with new wins including Marshall and Vitec Group.

Growth in the intelligence solutions business was driven by a combination of remediation services and software sales.

The company added that there would be no more non-operating charges in the second half of the year.

In a statement the company said: "Whilst we expect the uncertainty in the macro environment to continue, Equiniti remains well positioned."

Shares fell 13.4 per cent to 196.9p.

(c) 2019 City A.M., source Newspaper