Equals Group registers 52% Y/Y rise in revenues in FY2021
Equals Group plc (LON:EQLS), a leading fintech payments group focused on the SME marketplace, today announced its final results for the year-ended 31 December 2021 and an update on trading for the period from 1 January 2022 to 28 March 2022.
In FY-2021, total revenue increased by 52% to £44.1 million (FY-2020: £29.0 million), supported by like for like transactional values increasing by 63% to £5.7 billion and the immediate success in the Solutions Platform which contributed £0.8 billion in transaction values and £3.6 million in revenues.
Equals saw gross profits increase 31% to £24.0 million (FY-2020: £18.3 million), whereas Adjusted EBITDA increased to £6.7 million (FY-2020: £1.1 million).
The strategic direction of the Group remains clearly focused on the B2B customer segment with Equals Money being targeted at the SME base and Equals Solutions at larger corporate opportunities. The growth potential, now that Equals has assembled the core capabilities of own-name IBAN and bank-grade connectivity and clearance, is extremely strong due to the complexity and time required to replicate the Group’s capabilities and will only be enhanced by the developments planned for 2022.
Equals aims to continue to look for growth opportunities and can do so with a strong balance sheet and cash position. The Group will examine overseas expansion beyond its current predominantly UK-centric customer base and will also take a considerate and opportunistic approach to acquisitions as they present themselves.
In terms of more recent performance, Equals says 2022 has started exceptionally well with revenues to 28 March, 78% higher than the same period in 2021 at £13.6 million. Strong revenue growth continues to come from B2B with all product lines progressing well.
Equals Solutions, which contributed £3.6 million of revenues in FY-2021, has already contributed £2.6 million in FY-2022 to-date and is expected to continue to grow strongly as the Group adds new functionality to its payments platform during the year.
Equals has a strong outlook resulting from the investments it has made to create a payments platform comprising International and Domestic Payments, Card Payments and Banking Services underpinned by exceptional technology and direct connections to multiple payment networks. Further investments made in compliance, onboarding and user experience mean that the rich functionality of the platform is made easily accessible to current and potential customers.
Finally, advances made in Sales, Marketing and Data mean that Equals now sells its products and platform more efficiently.