Equals Group Issues Trading Update, Continuing Revenue Growth

Fazzaco learned that Equals Group, the technology-led international payments group focused on the SME marketplace, has published a trading update in the 91 business days to 15 May 2022.

According to the figures, Equals Group's revenue for the period reached £22.0 million, an average of £241k per working day. This was an increase of 86% in the daily average in the same period in FY-2021, £129k per day (£11.9 million).

Total Group revenue was split as follows, core International Payments representing 33%, the Solutions Platform 18%, Equals Connect 23%; Cards (including, personal and business) 16%, and Banking 10%. Given this current business mix, the gross profit margin for the Group is trending in line with management expectations at just under 50%.

"We continue to monitor global macro-economic issues which increase uncertainty, but we have confidence that our revenue performance, offset with our investments in revenue-facing functions, will lead to Adjusted EBITDA being ahead of market expectations for FY-2022,"the company said.

Earlier this year, Equals has 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. The company's total Revenue increased by 52% to £44.1 million for this year.