Xenith IP’s financials fall short of expectations

Company News

by Jessica Amir

Intellectual Property service provider Xenith IP (ASX:XIP) has completed two purchases (of Watermark and Griffith Hack) but financially fallen short of first quarter revenue and earnings expectations for 2018.

The shortfall in revenue and EBITDA was largely driven by the underperformance of Griffith Hack, who are leading attorneys, specialising in intellectual property.

Nevertheless, the business says it will see improvements throughout the remainder of the year.

On the back of the recent purchases, Xenith IP is expecting its EBITDA to fall between $18 million and $22 million.

Shares in Xenith IP (ASX:XIP) are trading about 30.5 per cent lower to $1.17.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She was a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked as a financial planner and real estate agent.