Equals' Profit More than Doubled in 2023 to £7.7 Million

The publicly-listed payments company focused on the SME market Equals Group PLC announced its final results for 2023, reporting strong financial performance across all key metrics.

The Group achieved record revenue, totaling almost £96 million and rising 37% compared to £69.7 million which was reported a year before. Other key financial metrics, including adjusted EBITDA, profit and EPS, also experienced visible growth.

Significant Increase in Equals’ Transaction Volumes and Revenue

Transaction volumes executed on the Group's platforms increased 35% to £12.4 billion compared to the previous year. Revenue grew even faster at 37%, reaching £95.7 million, demonstrating the success of focusing on higher-margin business lines. The B2B segment accounted for 82% of total revenue, up from 76% in 2022.

All core products within Equals Money experienced growth, with Equals Solutions showing a particularly strong uptake. International Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term revenue grew 14% to £39.4 million, while Card-based revenue increased 22% to £15.2 million. Equals Solutions revenue nearly doubled, growing 99% to £31.0 million.

“We continued to grow strongly in 2023, achieving record levels of revenue, Adjusted EBITDA, and operational cash generation,” Ian Strafford-Taylor, the CEO of Equals Group PLC, said. “This allowed us to continue to invest in the business and declare a maiden dividend.”

The improvement in transaction volumes and revenue led to 70% growth in Adjusted EBITDA, reaching £20.6 million. The Group's operations remain strongly cash-generative, providing flexibility for opportunistic M&A activity, as demonstrated by the acquisition of Oonex S.A. in July 2023.

Continued Investment in People and Technology

Equals Group continued to invest in its employees, with the average headcount increasing to 341 in 2023. The Group additionally made significant advancements in its product offerings and functionality, including the roll-out of the Equals Money platform to SME customers and the Equals Solutions platform to larger corporates.

“We also expanded internationally, broadened our product offering and hired greater talent to take the Group forward,” the CEO added. “I am immensely proud of the workforce that allowed us to reach these levels of performance, and I want to thank them all for their efforts in achieving these results.”

Equals Presents Positive Outlook for 2024

The Group has started 2024 on a strong note, with revenue in H1 2024 up to 12 April 2024 reaching £31.9 million, an escalation of 30% compared to the same period in 2023. According to the report, the outlook for the business remains strong.

“Revenues per working day up to 12 April 2024 were £443k, an increase of 27% over £350k per day in Q1-2023 and 5% higher than £422k per day achieved in Q4-2023,” the report added.

This confirms the results published nearly a month ago for Q1 of the fiscal year 2024, in which the fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term reported an income of £22.2 million.