Equals Group’s revenue rises 61% YTD, shares jump

Equals Group released its trading update on Monday. Payment solutions provider’s shares jumped over 2.5%,hitting $100 per share, after the company told investors that revenue growth “remains robust” despite unfavourable global macroeconomic conditions.

The Group revealed that for the past 11 months of 2022, it registered revenue of £63.5 million. the number climbed 61% compared to £39.5 million recorded in the same period last year.

Ian Strafford-Taylor, Chief Executive Officer, commented:

We are extremely pleased to see a 61% increase in our revenues in the 11 months ended 30 November with all segments performing strongly.  Our revenue growth has continued in the face of difficult macro environments and this augurs well for 2023 and beyond.

According to Equals’ report, Revenue per day increased to £0.27 million per day from £0.17 in 2021.

The Group’s board of directors noted it expects the full-year results to exceed current market expectations.

Meanwhile, the company has continued to invest in connectivity, technology, and product development. Furthermore, the official announcement noted it has strengthening its resources in marketing, sales and compliance.

Strafford-Taylor added:

We continue to invest in people, products and technology to drive our growth strategy and look forward to updating the market in early January with our full year trading statement.

Last week, Equals announced its plans to acquire Roqqett Limited, an open banking payments platform, for a total consideration of up to £2.25 million.


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