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Equals Posts 43% H2 2022 Revenue Uptick

by Arnab Shome
  • The company closed in 2022 with annual revenue of £69.7 million.
  • Its annual EBITD touched £12 million.
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Reuters
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Equals (AIM:EQLS), a provider of payment solutions to SMEs, is expecting to close the second half of 2022 with a revenue of £38.3 million, which is a yearly uptick of 43 percent. The figure is also £31.4 million higher in revenue than it generated in the first six months of the year.

Equals Sees Solid 2022 Revenue Jump

According to the unaudited financials announced on Tuesday, the London-listed company brought in total revenue of £69.7 million in 2022, which is a jump of 59 percent from the previous year. In addition, its annual gross profits increased by 39 percent to £33.6 million.

Additionally, the company is expecting its 2022 EBITDA to be marginally above £12 million, which is 79 percent higher than the £6.7 million it generated in the previous year. Moreover, the figure is ahead of market expectations, Equals highlighted. It further pointed out that the performance of 2022 is even better than in 2021, it has a 'one-off' revenue from a material trade of £1.5 million and gross profits of £0.8 million.

On top of that, the payments company stressed that the upward push in EBITDA was due to its continued investment in future growth resources, which included the addition of headcounts in several divisions.

Check out the latest FMLS22 session on 2023 payment processing trends.

Strong Numbers of Equals

"We delivered a particularly strong financial performance in 2022 as the Group reaped significant benefits from operational gearing and economies of scale," said Ian Strafford-Taylor, the Chief Executive Officer of Equals.

"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."

Meanwhile, the company entered into a conditional agreement last November for the acquisition of Roqqett Limited, an open banking payments platform, for a total consideration of up to £2.25 million. Roqqett was established in 2019 by Glenn Smith, a former FX Derivatives executive at UBS and Barclays, and closed 2021 with a pre-tax loss of £0.57 million and an asset of £0.2 million.

"We look forward to this year and beyond with confidence in our proposition, our teams, our technology and, ultimately, our sustained growth prospects," Strafford-Taylor added.

Furthermore, the share price of Equals is on an upward trajectory. Year-to-date, the publicly traded stock price of the company gained over 6 percent, while the gains in the last year went beyond 14 percent.

Equals (AIM:EQLS), a provider of payment solutions to SMEs, is expecting to close the second half of 2022 with a revenue of £38.3 million, which is a yearly uptick of 43 percent. The figure is also £31.4 million higher in revenue than it generated in the first six months of the year.

Equals Sees Solid 2022 Revenue Jump

According to the unaudited financials announced on Tuesday, the London-listed company brought in total revenue of £69.7 million in 2022, which is a jump of 59 percent from the previous year. In addition, its annual gross profits increased by 39 percent to £33.6 million.

Additionally, the company is expecting its 2022 EBITDA to be marginally above £12 million, which is 79 percent higher than the £6.7 million it generated in the previous year. Moreover, the figure is ahead of market expectations, Equals highlighted. It further pointed out that the performance of 2022 is even better than in 2021, it has a 'one-off' revenue from a material trade of £1.5 million and gross profits of £0.8 million.

On top of that, the payments company stressed that the upward push in EBITDA was due to its continued investment in future growth resources, which included the addition of headcounts in several divisions.

Check out the latest FMLS22 session on 2023 payment processing trends.

Strong Numbers of Equals

"We delivered a particularly strong financial performance in 2022 as the Group reaped significant benefits from operational gearing and economies of scale," said Ian Strafford-Taylor, the Chief Executive Officer of Equals.

"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."

Meanwhile, the company entered into a conditional agreement last November for the acquisition of Roqqett Limited, an open banking payments platform, for a total consideration of up to £2.25 million. Roqqett was established in 2019 by Glenn Smith, a former FX Derivatives executive at UBS and Barclays, and closed 2021 with a pre-tax loss of £0.57 million and an asset of £0.2 million.

"We look forward to this year and beyond with confidence in our proposition, our teams, our technology and, ultimately, our sustained growth prospects," Strafford-Taylor added.

Furthermore, the share price of Equals is on an upward trajectory. Year-to-date, the publicly traded stock price of the company gained over 6 percent, while the gains in the last year went beyond 14 percent.

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