Equals Group Witnesses 59% Yearly Increase in Revenues for FY22

Equals Group, a UK-based fintech payments company, has released its trading update for the financial year ended 31 December 2022 (FY22), unveiling a particularly strong financial performance in 2022 as the group reaped significant benefits from operational gearing and economies of scale, according to Ian Strafford-Taylor, Chief Executive Officer.

The company's unaudited revenues during this period reached £69.7 million, rising 59% from £44.1 million in FY21. The gross profits increased to £33.6 million from the prior year's £24.0 million, with adjusted EBITDA expected to be marginally above £12.0 million, surging 79% year-over-year. Besides, revenue per working day grew by increased by 60% over the full year.

"This has been made possible as a result of prudent and sustained investments into the proposition, specifically technology and connectivity, since 2018. That investment continued throughout 2022, supporting and enabling rapid growth, and will continue through 2023 as we target investment into an exciting roadmap of product development and growth initiatives that will expand our capabilities. We look forward to this year and beyond with confidence in our proposition, our teams, our technology and, ultimately, our sustained growth prospects," added the CEO.