Ian Strafford-Taylor of Equals discusses their trading update which exceeded expectations & delivered record revenue
Episode 484, Dec 08, 2021, 10:25 AM
Ian Strafford-Taylor, Chief Executive Officer of Equals Group #EQLS discusses their trading update that exceeded expectations & delivered record revenue which increased 51% to £40.4 million compared to the same period in 2020.
Ian Strafford-Taylor, Chief Executive Officer of Equals Group #EQLS discusses their trading update that exceeded expectations & delivered record revenue which increased 51% to £40.4 million compared to the same period in 2020.
Highlights
Group revenue for the year to date was £40.4 million compared to £26.8 million for the same period in 2020 - an increase of 51%.
Group revenue for the Period was £11.6 million compared to £5.7 million for the same period last year - an increase of 105%.
As announced on 28 October 2021, both the year to date and the Period benefitted from a material international payments transaction for a large corporate client that generated revenue of £1.5 million.
Underlying revenues rose by 45% over the year to date and 78% in the Period to date. These significant increases have been largely driven by strong demand for the Group's 'Equals Solutions' proposition, the new multicurrency product aimed at larger businesses, which has generated £3.1 million in the year to date and £1.2 million in the Period alone; along with substantial growth in both the Group's Spend platform and its white-label business.
Revenues from the Group's B2C travel-money products represented only 5% of total revenue in the Period.
The strong performance in revenues has also underpinned increased gross profits and EBITDA and as such the Group has now exceeded full-year profitability forecasts.
This robust trading performance of the Group further underpins the Board's confidence in accelerating momentum and maintaining growth moving into the final days of 2021 and into FY-2022. In order to drive further growth the Group continues to re-invest and upgrade the sales functions of the business and this will be reflected in higher staff costs in 2022.
About Equals Group
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 250 staff across sites in London and Chester. For more information, please visit www.equalsplc.com.