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 is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.