TIDMEQLS
RNS Number : 7558Z
Equals Group PLC
16 January 2024
For immediate release 16 January 2024
Equals Group Plc
('Equals', the 'Group' or the 'Company')
Pre-Close Trading Update and Notice of FY-23 Results
Equals Group plc (AIM:EQLS), the fintech payments group focused
on the Enterprise and SME marketplace, announces, consistent with
prior years, a pre-close trading update for the financial year
ended 31 December 2023 ('FY-23' or the 'year').
Unaudited revenues for the year were GBP95.5 million, up 37%
(FY-22: GBP69.7 million) with continued growth in Adjusted
EBITDA.
This robust trading has also resulted in approximately GBP18.3
million of cash at bank at 31 December 2023, a further GBP2.3
million cash-in-transit over year-end and received on 4 January
2024, and, having disbursed approximately GBP7.0 million relating
to acquisitions, earn-outs and a maiden dividend during 2023 .
As a result, the Board expects the Group's FY-23 results to be
in-line with current market expectations.
As shown in the table below, revenue per working day increased
by 36.4% over FY-23. The revenue growth continues to be driven by
Solutions revenues augmented by B2B growth across other product
lines.
Period Revenue Working Revenue per working % change on same
GBP millions days day in GBP000's period in prior
year
H1-22 31.4 123 255.3 87.3%
H2-22 38.3 127 301.6 43.0%
FY-22 69.7 250 278.8 60.0%
H1-23 45.0 124 362.9 42.1%
H2-23 50.5 127 397.6 31.8%
FY-23 95.5 251 380.5 36.4%
Commenting on the Trading Update, Ian Strafford-Taylor, Chief
Executive Officer, said : "We have delivered a strong financial
performance in 2023 as the Group continues to benefit from its
strategy of investment into technology and connectivity. Whilst the
Strategic Review announced on 1 November 2023 remains ongoing, we
will continue with our plans in 2024 and look forward with
confidence in our proposition, our teams, our technology and,
ultimately, our sustained growth prospects."
Notice of FY-23 Results
All 2023 reported financial figures remain subject to audit and
Equals is pleased to announce that it will report its final results
for the year ended 31 December 2023 in the week of 15 April 2024.
The Group will also provide an update on trading in Q1-24. A
further announcement will be made nearer the time to confirm a
precise date as well as meeting arrangements for sell-side analysts
and retail investors.
Profit Estimate
The below guidance in relation to full year expectations for the
year ended 31 December 2023 (the 'Profit Estimate') which is
included in today's trading update constitutes an ordinary course
profit estimate for the purposes of Note 2 on Rule 28.1 of the
Takeover Code:
"As a result, the Board expects the Group's FY-23 results to be
in-line with current market expectations."
For the purposes of Rule 28 of the Takeover Code, the directors
of the Company confirm that, as at the date of this announcement,
the Profit Estimate remains valid, that it has been properly
compiled on the basis of the assumptions stated below and that the
basis of accounting used is consistent with Equals' accounting
policies which are in accordance with International Financial
Reporting Standards and those that Equals applied in preparing its
financial statements for the year ended 31 December 2022 and those
applicable for the year ended 31 December 2023.
Further information on the basis of preparation of the Profit
Estimate, including the principal assumptions on which it is based,
is set out below.
Basis of preparation and principal assumptions
Although the financial period to which the Profit Estimate
relates has been completed, the Company's audited accounts for the
year ended 31 December 2023 are not available as at the date of
this trading update. Accordingly, the Profit Estimate is based on
the Company's unaudited interim results for the six months ended 30
June 2023 and the Company's unaudited management accounts for the
six months ended 31 December 2023.
The Profit Estimate has also been prepared on the basis of the
assumptions listed below. The first assumption relates to matters
which are both outside and within the influence or control of the
Company; the second assumption relates only to matters which are
outside the influence or control of the Company:
-- no events will arise between the date of this trading update
and the date on which the Company announces its audited results for
the financial year ended 31 December 2023 which would require
incorporation in the FY-23 results in accordance with International
Financial Reporting Standards and/or the Company's accounting
policies; and
-- there will be no retrospective change in legislation or
regulatory requirements that will have a material impact on the
Company's operations.
- 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 &
Broker)
Max Hartley / Harry Rees Tel: +44 (0) 20 7523
8150
Buchanan (Financial Communications)
Henry Harrison-Topham / Stephanie Whitmore Tel: +44 (0) 20 7466
/ Toto Berger 5000
equals@buchanan.uk.com www.buchanancomms.co.uk
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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