LSE-AIM listed e-banking and international payments firm Equals Group plc (formerly FairFX) has released its 2020 full year results and some summary figures for the just-completed Q1-2021 quarter, indicating that the company continues to shift its focus to B2B activity.
Overall revenue at Equals decreased slightly in 2020 (£29.0M) from 2019 (£30.9M), but the company brought in £8M in revenue in Q1-2021, beating both its 2020 and 2019 average quarterly rates.
As far as its shifting business priorities, Equals said that International Payments revenue increased by 46% in 2020, and its B2B segment revenue increased by 51%. Total B2B revenues represented 70% (FY-2019: 56%) of the company’s total. Non travel-money revenues increased by 18% to £26.6 million. Equals reports having over 18,000 active unique B2B customers.
Financially, after a tough start to 2020 the company said it operated on a cash break-even basis in Q4-2020, with Adjusted EBITDA of £1.2M for the year.
Commenting on the results, Ian Strafford-Taylor, CEO of Equals Group plc, said:
“Despite a number of external headwinds, the operational and financial progress made this year as we focused our business towards B2B is something I am incredibly proud of, and highlights the quality of the Equals Group.
“As the UK payments sector becomes increasingly crowded with specialist operators, our unique proposition spanning banking services, international payments and card-based solutions is proving to be a major differentiator for our customers, driving loyalty and new customer acquisition. This, coupled with the benefits of our accelerated planned restructuring and right-sizing of operations, places us in a really strong position as we move past the challenges of 2020 and continue to focus on driving further B2B-led growth.”
Equals Group plc’s full 2020 results release can be seen here.