Equals Group PLC FY-2020 Trading Update (6868K)
January 06 2021 - 2:00AM
UK Regulatory
TIDMEQLS
RNS Number : 6868K
Equals Group PLC
06 January 2021
For immediate release 6 January 2021
Equals Group plc
('Equals' or the 'Group')
FY-2020 Trading Update
Equals (AIM:EQLS) , the technology-led international payments
group focused on the SME marketplace, is pleased to provide the
following trading update for year ended 31 December 2020
('FY-2020').
The Group's recent trading update on 1 December 2020 noted
continuation of positive trading into H2-2020. Since then, the
strong performance has continued with revenue for FY-2020 now
expected to be around GBP1.0 million ahead of market expectations
at GBP29.0 million, reflecting a strong performance in the Group's
B2B products in December 2020. Adjusted EBITDA is now expected to
be around GBP1.0 million for FY-2020, which again is comfortably
ahead of market expectations*.
As previously announced, the Group has significantly reduced its
cost base leading to both cash break-even and an increased cash
position of GBP8.0 million (excluding the GBP2.0 million drawdown
from the Government's CBILS scheme ), which is comfortably ahead of
market expectations*. Headcount across the Group now stands at
below 260 employees and, as such, is over 25% down from its
peak.
The Group's original focus was in Travel Money. That is no
longer the case. Despite the effects of the the Covid-19 pandemic,
strong revenues from both Payments and Banking Services underlies
this strategic shift, and the Group is increasingly being seen as
the payment partner of choice for SMEs allowing them to utilise a
variety of payment options to boost their international trade.
The figures in this announcement are unaudited and the Group
expects to report its audited financial statements in early April
2021.
Ian Strafford Taylor, CEO of Equals, said: "With the
considerable headwinds posed in FY-2020 by Brexit and the ongoing
Covid-19 pandemic, for us to deliver revenues only 6% lower than
the prior year and materially ahead of expectations, is I believe
an excellent achievement of which I am extremely proud. The hard
work and motivation of our dedicated team of staff, from engineers
delivering product, customer facing staff upselling and
cross-selling, middle-office staff providing superior customer
service, and back-office staff tightly controlling risks, has meant
that we have ended the year well and in robust shape, leaving us
well positioned for the post Brexit future."
- Ends -
* The Group believes that current market expectations for
adjusted EBITDA average GBP0.55 million with net cash averaging
GBP6.75 million for FY-2020.
This announcement contains inside information.
For more information, please contact:
Equals Group plc
Ian Strafford-Taylor, CEO Tel: +44 (0) 20 7778
Richard Cooper, CFO 9308
www.equalsplc.com
Cenkos Securities plc (Nominated Advisor
/ Joint Broker)
Max Hartley / Callum Davidson Tel: +44 (0) 20 7397
Nick Searle (Sales) 8900
Canaccord Genuity (Joint Broker)
Bobbie Hilliam / Georgina McCooke Tel: +44 (0) 20 7523
Alex Aylen (Sales) 8150
Buchanan (Financial Communications)
Henry Harrison-Topham / Steph Watson 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 250 staff across sites in London and Chester. For
more information, please visit www.equalsplc.com .
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