Customer wins get Equiniti off to a good start in 2018

Equiniti said it made a good start to 2018 as the FTSE 250 technology outsourcer cemented customer relationships and added new clients.

The company, which sells payment and administration services to businesses and the public sector, said retention rates with top clients were high. It has renewed contracts with companies such as Unilever, First Group and QinetiQ and won new business from Hiscox, Rentokil, Surrey & Sussex Police and others.

Equiniti said it signed contracts with about 80% of newly listed companies in 2018 and had started work on remediation projects for a large UK bank.

In an update before its annual general meeting, Equiniti said: “2018 has started well, building on the momentum established in the prior period, continuing the growth of revenues from new and existing clients, and creating good visibility of market expectations for the full financial year.”

Equiniti also said it bought Boudicca Proxy Ltd to add to its shareholder services. Boudicca advises companies on governance matters and helps them engage with shareholders, which Equiniti said was a growing priority for its customers. The price was not disclosed.

The company said integration of Wells Fargo Shareowner Services, bought for £176m in February, was on track and that the business was performing as expected.