The payments company reported record revenue, profitability, and cash generation in 2023.
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 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.
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 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.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Visa Partners with Worldline on Virtual Card Solution for Travel Agencies
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa