REG - Equals Group PLC - Trading Update and Notice of Interim Results

EqualsAnnouncement

05/07/2023 07:00

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RNS Number : 9769E  Equals Group PLC  05 July 2023

 For immediate release  5 July 2023

 

Equals Group plc

('Equals' or the 'Company')

 

H1-2023 Trading Update

 

Notice of Interim Results

 

"Continued strong B2B focussed growth"

 

Equals (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 2023 ('H1-2023' or the 'Period').

 

The Group announces a record breaking six months of trading with revenues up
43% at £45.0 million (H1-2022: £31.4 million), which is also a 21% increase
on H2-2022 and represents 102% of FY-2021 revenue.

 

 

 £ millions           B2B - Bureau  B2C - Other  SME   Solutions  White label  TOTAL
 FY-2021              0.4           9.4          23.0  3.6        7.7          44.1

 H1-2022              0.5           5.7          11.7  6.3        7.2          31.4
 H2-2022              0.6           6.5          14.1  9.3        7.8          38.3
 FY-2022              1.1           12.2         25.8  15.6       15.0         69.7

 H1-2023              0.1           5.7          16.8  13.6       8.8          45.0
 % change on H1-2022  -             0%           +44%  +116%      +22%         +43%
 % change on H2-2022  -             -12%         +19%  +46%       +13%         +21%

 

Revenue per day for H1-2023 equated to £363k, an increase of 42% over the
same period in 2022 of £255k per day.

 

Gross profit margins now exceed 50% (H1-2022: 47%).

 

Following today's announcement of the completion of the acquisition of Oonex
S.A. ('Oonex'), the Board reconfirms that trading remains at least in line
with expectations for FY-2023 with adjusted EBITDA margins anticipated to be
approximately 20% for the whole of 2023, even after the acquisition of Oonex.

 

Commenting on the Trading Update, Ian Strafford-Taylor, CEO of Equals, said:

 

"It is very pleasing to be able to report half-year revenues for 2023 that
exceed those posted for the whole year in 2021. To have come so far in such a
short period of time is testament to the incredible efforts of everyone who
works for the Equals Group.  Our trading performance clearly shows the
success of our focus on the B2B customer segment and the continued growth of
our Solutions business. With expanding distribution channels opening up
increased addressable markets, we look forward with confidence."

 

Notice of Interim Results

 

The Group announces that it will report its interim results for the six months
ended 30 June 2023 on Tuesday, 12 September 2023.  The Group will also
provide an update on trading in Q3-2023.

 

The Group welcomes sell-side analysts to join a conference call at 9:30am 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
(mailto: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
(http://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 9308

 Richard Cooper, CFO                                       www.equalsplc.com (http://www.equalsplc.com)

 Canaccord Genuity (Nominated Adviser & Joint Broker)
 Max Hartley / Harry Rees                                  Tel: +44 (0) 20 7523 8150

 Peel Hunt LLP (Joint Broker)
 Paul Shackleton / John Welch                              Tel: +44 (0) 20 7418 8900

 Buchanan (Financial Communications)
 Henry Harrison-Topham / Toto Berger                       Tel: +44 (0) 20 7466 5000

 equals@buchanan.uk.com (mailto:equals@buchanan.uk.com)    www.buchanan.uk.com (http://www.buchanan.uk.com)

 

Notes to Editors:

 

Equals Group plc 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. For more information, please visit www.equalsplc.com
(http://www.equalsplc.com) .

 

 

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