Recent acquisitions lift Sequoia (ASX:SEQ)'s FY21 profit guidance

Company News

by Michael Luu

Integrated financial services provider Sequoia (ASX:SEQ) has made a second upgrade within two months to its guidance for FY21 underlying profit or EBITDA.

The owner of this masthead has revised its forecast for EBITDA in the financial year from a range between $8.5 million and $9 million to approximately $11 million, representing an upgrade of between 22 and 29 per cent.

The $66 million ASX-listed company has attributed the guidance upsize to the integration of recent acquisitions,

Sequoia’s new purchases have translated to a positive impact on the company’s profit margin for the June Quarter throughout the Wealth, Equity Markets and Professional Services divisions. 

The guidance update is based on the Sequoia’s management accounts from May 2021.

The upgrade has propelled shares in Sequoia (ASX:SEQ) by 6 per cent to 53 cents


 

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