Equals continues to report significant revenue growth
Equals Group plc (LON:EQLS), a fintech payments group focused on the SME marketplace, announces that at its Annual General Meeting (AGM’ to be held at 2:30pm (BST) today, Alan Hughes, Chairman, will make a statement on the group’s performance.
Equals continues to report significant revenue growth. Total revenue in the 90 working days to 15 May 2023 was £32.7 million, an increase of 47% on the same period in 2022. Expressed as revenue per day, revenue in 2023 was £363k per day against £248k in 2022.
Revenues over the same period from Solutions have risen by 102% to £8.8 million (2022: £4.3 million).
Gross profit margins have also increased to above 50%, which is three full percentage points higher than in the same period in 2022.
“Based on the above, the Board remains confident in achieving expectations for the full year ending 31 December 2023,” Alan Hughes concluded.
Let’s recall that, for the financial year ended 31 December 2022, Equals reported unaudited revenues for the year were £69.7 million, up 59% (FY-21: £44.1 million); gross profits were £33.6 million, up 39% (FY-21: £24.0 million); and adjusted EBITDA was marginally above £12.0 million, up 79% (FY-21: £6.7 million) and, ahead of market expectations.