Equals' Profit More Than Doubled in 2023 to £7.7M

Equals’ Profit More Than Doubled in 2023 to £7.7M

Time Stamp: April 16, 2024 2:55 AM
Equals' Profit More Than Doubled in 2023 to £7.7M PlatoBlockchain Data Intelligence. Vertical Search. Ai.

The publicly-listed
payments company focused on the SME market Equals Group PLC announced its final
results for 2023, reporting strong financial performance across all key
metrics.

The Group
achieved record revenue, totaling almost £96 million and rising 37% compared to £69.7 million which was reported a year before. Other key financial metrics, including adjusted EBITDA, profit and EPS, also experienced visible growth.

Significant Increase in
Equals’ Transaction Volumes and Revenue

Transaction
volumes executed on the Group’s platforms increased 35% to £12.4 billion
compared to the previous year. Revenue grew even faster at 37%, reaching £95.7
million, demonstrating the success of focusing on higher-margin business lines.
The B2B segment accounted for 82% of total revenue, up from 76% in 2022.

All core
products within Equals Money experienced growth, with Equals Solutions showing a particularly strong uptake. International Payments revenue grew 14% to £39.4
million, while Card-based revenue increased 22% to £15.2 million. Equals
Solutions revenue nearly doubled, growing 99% to £31.0 million.

“We
continued to grow strongly in 2023, achieving record levels of revenue,
Adjusted EBITDA, and operational cash generation,” Ian Strafford-Taylor, the CEO
of Equals Group PLC, said. “This allowed us to continue to invest in the
business and declare a maiden dividend.”

The
improvement in transaction volumes and revenue led to 70% growth in Adjusted
EBITDA, reaching £20.6 million. The Group’s operations remain strongly cash-generative, providing flexibility for opportunistic M&A activity, as
demonstrated by the acquisition of Oonex S.A. in July 2023.

Source: Equals

Continued Investment in
People and Technology

Equals
Group continued to invest in its employees, with the average headcount increasing
to 341 in 2023. The Group additionally made significant advancements in its product
offerings and functionality, including the roll-out of the Equals Money
platform to SME customers and the Equals Solutions platform to larger
corporates.

“We also
expanded internationally, broadened our product offering and hired greater
talent to take the Group forward,” the CEO added. “I am immensely proud of the
workforce that allowed us to reach these levels of performance, and I want to
thank them all for their efforts in achieving these results.”

Equals Presents Positive
Outlook for 2024

The Group
has started 2024 on a strong note, with revenue in H1 2024 up to 12 April 2024
reaching £31.9 million, an escalation of 30% compared to the same period in 2023. According
to the report, the outlook for the business remains strong.

“Revenues
per working day up to 12 April 2024 were £443k, an increase of 27% over £350k
per day in Q1-2023 and 5% higher than £422k per day achieved in Q4-2023,” the report
added.

This
confirms the results published nearly
a month ago for Q1 of the fiscal year 2024, in which the fintech reported
an income of £22.2 million.

The publicly-listed
payments company focused on the SME market Equals Group PLC announced its final
results for 2023, reporting strong financial performance across all key
metrics.

The Group
achieved record revenue, totaling almost £96 million and rising 37% compared to £69.7 million which was reported a year before. Other key financial metrics, including adjusted EBITDA, profit and EPS, also experienced visible growth.

Significant Increase in
Equals’ Transaction Volumes and Revenue

Transaction
volumes executed on the Group’s platforms increased 35% to £12.4 billion
compared to the previous year. Revenue grew even faster at 37%, reaching £95.7
million, demonstrating the success of focusing on higher-margin business lines.
The B2B segment accounted for 82% of total revenue, up from 76% in 2022.

All core
products within Equals Money experienced growth, with Equals Solutions showing a particularly strong uptake. International Payments revenue grew 14% to £39.4
million, while Card-based revenue increased 22% to £15.2 million. Equals
Solutions revenue nearly doubled, growing 99% to £31.0 million.

“We
continued to grow strongly in 2023, achieving record levels of revenue,
Adjusted EBITDA, and operational cash generation,” Ian Strafford-Taylor, the CEO
of Equals Group PLC, said. “This allowed us to continue to invest in the
business and declare a maiden dividend.”

The
improvement in transaction volumes and revenue led to 70% growth in Adjusted
EBITDA, reaching £20.6 million. The Group’s operations remain strongly cash-generative, providing flexibility for opportunistic M&A activity, as
demonstrated by the acquisition of Oonex S.A. in July 2023.

Source: Equals

Continued Investment in
People and Technology

Equals
Group continued to invest in its employees, with the average headcount increasing
to 341 in 2023. The Group additionally made significant advancements in its product
offerings and functionality, including the roll-out of the Equals Money
platform to SME customers and the Equals Solutions platform to larger
corporates.

“We also
expanded internationally, broadened our product offering and hired greater
talent to take the Group forward,” the CEO added. “I am immensely proud of the
workforce that allowed us to reach these levels of performance, and I want to
thank them all for their efforts in achieving these results.”

Equals Presents Positive
Outlook for 2024

The Group
has started 2024 on a strong note, with revenue in H1 2024 up to 12 April 2024
reaching £31.9 million, an escalation of 30% compared to the same period in 2023. According
to the report, the outlook for the business remains strong.

“Revenues
per working day up to 12 April 2024 were £443k, an increase of 27% over £350k
per day in Q1-2023 and 5% higher than £422k per day achieved in Q4-2023,” the report
added.

This
confirms the results published nearly
a month ago for Q1 of the fiscal year 2024, in which the fintech reported
an income of £22.2 million.

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