Equals Group plc (LON:EQLS), the fintech payments group focused on the Enterprise and SME marketplace, announces a pre-close trading update for the financial year ended 31 December 2023.

Unaudited revenues for the year were £95.5 million, up 37% (FY-22: £69.7 million) with continued growth in Adjusted EBITDA.

This robust trading has also resulted in approximately £18.3 million of cash at bank at 31 December 2023, a further £2.3 million cash-in-transit over year-end and received on 4 January 2024, and, having disbursed approximately £7.0 million relating to acquisitions, earn-outs and a maiden dividend during 2023.

As a result, the Board expects the Group’s FY-23 results to be in-line with current market expectations.

Revenue per working day increased by 36.4% over FY-23. The revenue growth continues to be driven by Solutions revenues augmented by B2B growth across other product lines.

Commenting on the Trading Update, Ian Strafford-Taylor, Chief Executive Officer, said:

“We have delivered a strong financial performance in 2023 as the Group continues to benefit from its strategy of investment into technology and connectivity. Whilst the Strategic Review announced on 1 November 2023 remains ongoing, we will continue with our plans in 2024 and look forward with confidence in our proposition, our teams, our technology and, ultimately, our sustained growth prospects.”