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Services and payments company specialist Equiniti swung to a loss in the first half of the year as income was stifled by the impact of the coronavirus pandemic.
For the six months to 30 June 2020, the company reported a pre-tax loss of £0.7m compared with a profit of £11.6m on-year as revenue fell 11.7% to £243m.
The reduction of interest rates in the UK and US occurred in the week of our 2019 preliminary results, and withdrawal of more than £38bn of dividend payments by UK listed businesses reduced the income earned from reinvestment plans, share dealing programmes and share plan vestings, the company said.
'The effects of the COVID-19 global health pandemic during the first half of 2020 have brought unprecedented challenge for EQ and our staff, our markets and our customers, and there remains considerable uncertainty ahead,' the company said.
'As we look to the remainder of the year, we are heartened that activity levels have increased with our order intake materially ahead of the equivalent period and that our unrivalled client fidelity continues, supplemented by new wins in all of our business lines, with particular progress in EQ Paymaster,' the company said.
At 9:00am: (LON:EQN) Equiniti Group PLC share price was -30.4p at 112.8p