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.