Share registrar Equiniti eyes more acquisitions
EQUINITI Group, the private equity-backed share registrar, remains on the acquisition trail after reporting annual revenues of nearly £300m, according to its latest accounts.
The firm, formerly Lloyds TSB Registrars before it was bought by Advent International in 2007, said it is interested in “small ‘bolt-on’” deals and expects to cut costs further.
It made an operating profit of £56.6m in 2010 on revenue of £287.1m. The accounts are the first to be produced since the group was formed in a merger with Xafinity in March last year.
Equiniti, which declined to be interviewed, also handles outsourced pension provision and staff share schemes. Its clients include nearly two-thirds of the FTSE 100 as well as the NHS and the Ministry of Defence.
Wayne Story, chief executive, said the market would be “challenging” this year but added: “Our acquisition strategy remains centred on developing and complementing our existing business lines through small ‘bolt-on’ opportunities; in our core market as well as acquisitions which bring new capabilities to sell to our client base.”
Pension provider Xafinity says it handles £2 trillion a year.