Equals Group PLC Trading Update (5205I)

TIDMEQLS

RNS Number : 5205I

Equals Group PLC

05 December 2022

 
 For immediate release   5 December 2022 
 

Equals Group plc

('Equals' or the 'Group')

Trading Update

'61% increase in revenue year to date and continued investment in growth strategy'

Equals Group plc (AIM:EQLS), the fast-growing payments group focused on the SME marketplace, is pleased to provide a trading update for the 11 months ended 30 November 2022 (the 'Period').

Revenues for the Period were GBP63.5 million, an increase of 61% over revenues of GBP39.5 million achieved in the same period in 2021. Revenue per day increased to GBP0.27 million per day from 230 working days compared to GBP0.17 million per day in 2021.

 
                          1 Jan -        1 Jan -     % change* 
                         30 Nov 2021    30 Nov 2022 
 Revenue streams           GBP'm          GBP'm 
   Solutions                3.5            13.9        +297% 
   Other revenue            36.0           49.6        +38% 
                       -------------  -------------  --------- 
   Total                    39.5           63.5        +61% 
                       -------------  -------------  --------- 
 
 Working Days               232            230 
 Revenue per working 
  day                      0.170          0.276        +62% 
 

*based on underlying, not rounded, data. There were two additional public holidays in 2022.

Revenue growth remains robust despite unfavorable global macro-economic conditions.

Alongside the strong revenue performance, Equals continues to invest into its connectivity, technology and product development whilst concurrently strengthening resources in sales, marketing, and compliance to underpin the continued growth of the business.

Based on the above, the Board expects the Group's full year results to be ahead of current market expectations.

Ian Strafford-Taylor, Chief Executive Officer, said: "We are extremely pleased to see a 61% increase in our revenues in the 11 months ended 30 November with all segments performing strongly. Our revenue growth has continued in the face of difficult macro environments and this augurs well for 2023 and beyond. We continue to invest in people, products and technology to drive our growth strategy and look forward to updating the market in early January with our full year trading statement."

This announcement contains inside information.

- Ends -

For more information, please contact:

 
 Equals Group plc 
 Ian Strafford-Taylor, CEO                Tel: [phone] 
  Richard Cooper, CFO                                     9308 
                                             www.equalsplc.com 
 Canaccord Genuity (Nominated Adviser 
  / Broker) 
 Max Hartley / Harry Rees                 Tel: [phone] 
                                                          8150 
 Buchanan (Financial Communications) 
 Henry Harrison-Topham / Steph Whitmore   Tel: [phone] 
  / Toto Berger                                           5000 
  [e-mail]                   www.buchanan.uk.com 
 

Notes to Editors:

Equals Group is a technology-led international payments group augmented by highly personalised service for the payment needs of SME's whether these be FX, card payments or via Faster Payments. Founded in 2007, the Group listed on AIM in 2014 and currently employs around 285 staff across sites in London and Chester. For more information, please visit www.equalsplc.com .

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END

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December 05, 2022 02:00 ET (07:00 GMT)