Equals Group reports 59% increase in 2022 revenue

Equals Group has released its pre-close trading update for the financial year 2022.

The Group revealed that its unaudited revenue for the year has reached £69.7 million and a 59% increase compared to the previous year.

The company registered gross profit of £33.6 million, up 39% from 2021. Adjusted EBITA is expected to marginally surpass £12.0 million, up 79% YoY.

The official announcement stated:

The underlying performance was even better as 2021 included the ‘one-off’ revenue from a material trade of £1.5 million and gross profits of £0.8 million.

Equals noted that the increase in EBITA in 2022 was also contributed by the company’s continued investment in future growth resources, including the addition of headcounts in several divisions.

Ian Strafford-Taylor, Chief Executive Officer, commented:

We have delivered a particularly strong financial performance in 2022 as the Group reaped significant benefits from operational gearing and economies of scale.  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.

Earlier in January, Equals completed the acquisition of open banking payments platform Roqqett.

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