Equiniti Group PLC (LON: EQN) have seen their shares plummet on Tuesday as the firm gave shareholders a gloomy update for its annual expectations.

Shares of Equiniti plummeted 11.79% to 200p. 19/11/19 11:35BST.

Equiniti are a British based outsourcing business focusing on financial and administration services and have faced a turbulent financial 2019.

The FTSE250 (INDEXFTSE: MCX) listed firm said underlying earnings before interest, taxes, depreciation and amortisation for 2019 will be at the lower end of market estimates of between £136 million and £142 million due to lower activity in higher margin UK corporate business.

However, annual revenue is predicted to be at the upper end of £550 million to £567 million market estimate range.

In 2018, underlying Ebitda was £122.3 million on revenue of £530.9 million.

The Investment Solutions business continued to dominate the market, growing its market shares with new share register wins.

Equinti expects no further non-operating charges in the second half of 2019 following a completion of the US separation in the first half.

“Whilst we expect the uncertainty in the macro environment to continue, Equiniti remains well positioned. We expect further organic growth in the UK as we build on our relationships with our exceptional client base. The US offers a platform for accelerated growth based on market opportunity, the potential to take market share and the opportunity to cross-sell digitised services into our blue-chip client base,” the company said.

Equiniti join a long list of financial service firms who have experienced declines in trading and slumping trading figures, the gloomy outlook comes at no surprise considering the state of the global market.

Both Lloyd’s (LON: LLOY) and HSBC (LON: HSBA) have seen third quarter slumps amid cut throat market trading conditions, whilst Deutsche Bank (ETR: DBK) have taken this a step further and reported a loss in their most recent update.

Certainly, the issues faced by Equiniti and other firms allude to a bigger issue in the market. The ongoing Brexit saga coupled with the tense relations between the US and China do add fire to the fuel, but it may be a case of being patient and weathering the storm in tough trading times.