Equals registers steep increase in revenues in Q3 2022
Fintech payments group Equals (LON:EQLS) has just announced an update on trading for the period from 1 July 2022 to 5 September 2022 (Q3-2022).
The company registered revenues of £13.3 million in the period, an increase of 55% over the same period in 2021, whereas year-to-date revenue reached £44.7 million, which already exceeds full-year performance in 2021.
Revenues per day amounted to £289k, compared to £187k in the same period in 2021.
The company reported continued growth in Solutions revenues at £3.1 million compared to £1.1 million in same period in 2021.
Ian Strafford-Taylor, Chief Executive Officer, commented:
“Q3-2022 has continued the strong revenue generation seen in H1-2022 with revenue for the period from 1 July 2022 to 5 September 2022 being £13.3 million, representing a 55% increase on the same period in 2021.
Equals has a strong outlook resulting from the investments it has made to create a payments platform. Further investments made in compliance, onboarding and user experience means 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. Accordingly, the Board looks forward to the future with increased confidence and the Group remains in line with expectations for the full year”.
Regarding financial results for the first half of 2022, let’s note that Equals enjoyed record revenue performance with an 86% increase to £31.4 million (H1-2021: £16.9 million) with £6.3 million derived from the Solutions platform (H1-2021: £0.3 million).
The company marked a 44% increase in Gross profit to £14.9 million (H1-2021: £10.3 million).
Statutory profit achieved with statutory PBT amounted to £0.9 million (H1-2021: loss of £2.2 million).
Basic EPS amounted to 0.38 pence against a loss per share of 0.70 pence in H1-2021.