30 November 2018 – trading update

The cross border financial services provider has issued a trading update for the year to the end of December saying that it expects underlying pre-tax profits to be higher than last year.  Nevertheless, the year has seen significant change and there have been a number of material one-off costs as well as ongoing costs as part of enhanced governance and these will impact profitability.  These additional costs create a degree if uncertainty going forward and we therefore reduce our recommendation to HOLD.