TIDMEQLS

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 GBP45.0 million (H1-2022: GBP31.4 million), which is also a 21% increase on H2-2022 and represents 102% of FY-2021 revenue.

 
 GBP millions                 B2B    B2C -    SME   Solutions    White   TOTAL 
                         - Bureau    Other                       label 
 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 GBP363k, an increase of 42% over the same period in 2022 of GBP255k 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 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 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 
  equals@buchanan.uk.com                                  5000 
                                           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 .

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END

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July 05, 2023 02:00 ET (06:00 GMT)

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