2 May 2019 – AGM trading update

The company has confirmed in a trading update released to coincide with its AGM that the year has started well and it is confident of delivering performance in line with expectations for the full year.  There were encouraging new client wins in the early part of the year and new mandates included National Grid, Danske Bank and DWF in the UK as well as WABTEC and Cincinnati Financial in the US, along with a number of significant wins in the Pension Solutions business.  Trading in the US has been pleasing and integration is proceeding in accordance with previous guidance, with the separation of the business from Wells Fargo expected to conclude by June 2019.  Equiniti’s specialist and non-discretionary services are well insulated against continuing macro-economic uncertainty and as a result expectations for full year remain unchanged.  We keep our BUY rating.