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 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.