Equals Group PLC H1-2022 Trading Update (2766R)
05 Julho 2022 - 3:00AM
UK Regulatory
TIDMEQLS
RNS Number : 2766R
Equals Group PLC
05 July 2022
For immediate release 5 July 2022
Equals Group plc
('Equals' or the 'Group')
H1-2022 Trading Update
Notice of Interim Results
"84% growth in revenue and continued strong product uptake"
Equals Group plc (AIM:EQLS), a leading fintech payments group
focused on the SME marketplace, is pleased to provide the following
trading update for the six months ended 30 June 2022 ('H1-2022' or
the 'Period').
The Group announces a record breaking six months of trading with
revenues up 84% at GBP31.3 million (H1-2021: GBP16.9 million).
Based on the number of working days (123), revenue in H1-2022 was
GBP252.0k per day, up 87% on H1-2021 (GBP136.3k).
Gross profits for the Period have been estimated at GBP15.0
million up 47% on H1-2021 (GBP10.2 million). Gross profit margins
were, in the aggregate, 48.2% which compares well to the 50.6% in
H2-2021. Excluding the White-label business of Equals Connect, the
gross profit margins were 59% in H1-2022 against 60% in
H2-2021.
Cash balances, after earnouts paid in the Period of GBP1.2
million, rose to GBP15.1 million (30 June 2021: GBP10.1
million).
As Equals continues to re-shape its business and leverage its
increasingly wide product portfolio, the Group has disclosed its
revenues as a matrix, showing revenue by customer group and revenue
by product type:
Consumer Corporates Large Sub-total White-label TOTAL
REVENUE and small enterprises H1-2022 H1-2021
in GBP millions business
------------------- ----------- ----------- ------------- ---------- ------------ --------- ----------
International
payments 2.0 7.1 - 9.1 7.0 16.1 9.8
Cards 2.2 3.3 5.5 - 5.5 3.9
Banking 2.8 - - 2.8 - 2.8 2.8
Solutions 6.2 6.2 - 6.2 0.3
Travel cash 0.5 - - 0.5 - 0.5 0.1
------------------- ----------- ----------- ------------- ---------- ------------ --------- ----------
Total, H1-2022 7.5 10.4 6.2 24.1 7.0 31.1 16.9
Total, H1-2021 5.9 8.3 0.3 14.5 2.4 16.9
% CHANGES*
H1-22 to H1-21 +26% +25% >200% +66% +200% +84%
* based on underlying figures
The Group now expects Adjusted EBITDA for FY-2022 to be ahead of
current market expectations.
In addition to the strong financial performance, Equals, as a
fintech, continues to invest in its product development, customer
marketing, front-office staff resources and compliance
capabilities. The Group also estimates that its compliance
function, along with the tools it uses, incurs expenditure of
around GBP1.6 million per year.
Ian Strafford-Taylor, Chief Executive Officer, said: "We are
extremely pleased to see an 84% increase in our revenues in the
first half with all segments performing exceptionally well. We
believe that our revenues are highly 'inflation-resistant' and that
this should be beneficial for the Group and our Shareholders in the
second half of 2022 and beyond. We will be releasing our interim
results in early September and we look forward to further updating
the market on our progress then."
Notice of Interim Results
The Group announces that it will report its interim results for
the six months ended 30 June 2022 on Wednesday, 7 September 2022.
The Group will also provide an update on trading in Q3 2022.
The Group welcomes sell-side analysts to join a conference call
at 09:30am on the day of results, which will be hosted by Ian
Strafford-Taylor (CEO) and Richard Cooper (CFO). Please contact
Buchanan at equals@buchanan.uk.com if you would like to receive the
dial in details.
For retail investors, an audio webcast of the meeting will be
made available on the Group's investor relations website (
www.equalsplc.com ) after 12pm on the day of results. A link will
be provided in the Interim Results statement.
This announcement contains inside information.
- Ends -
For more information, please contact:
Equals Group plc
Ian Strafford-Taylor, CEO Tel: +44 (0) 20 7778
Richard Cooper, CFO 9308
www.equalsplc.com
Canaccord Genuity (Nominated Advisor
/ Broker)
Max Hartley / Georgina McCooke Tel: +44 (0) 20 7523
Alex Aylen (Sales) 8150
Buchanan (Financial Communications)
Henry Harrison-Topham / Steph Whitmore Tel: +44 (0) 20 7466
/ Toto Berger 5000
equals@buchanan.uk.com 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 265 staff across sites in London and Chester. For
more information, please visit www.equalsplc.com .
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