Equals Group plc (AIM:EQLS), previously known as FairFX, has released its financial details for the last five months, ending on November 30, showing an average daily revenue of £114,000.
The company’s overall business performance improved as in the previous six months, the average daily revenue came in at £110,000, while it was £108,000 in the previous year.
Despite the growth, Equals’ foreign exchange businesses were heavily impacted by the impact of the pandemic on the traveling industry. In fact, most of its revenue was generated by the B2B channels.
Equals’ B2B business portfolio, includes International Payments, proprietary Spend platform, Faster Payments, and business IBAN products, all of which together brought in around £82,000 in daily revenue in the past five months, which is a 9 percent jump from the previous year.
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On the other hand, the daily revenues from Equals’ travel products only came in at £12,000 per day on average, compared to £34,000 generated on a daily basis last year. However, the Group is expecting a partial rebound in demand next year and a full recovery in 2022.
Effect of Wirecard Collapse
Equals’ businesses were further impacted by the collapse of Wirecard. The migration of its card infrastructure cost the company around £1 million, out of which 50 percent is a write-down of Wirecard stock and the rest needs to be recovered from the supply chain.
“Despite the economic fallout from both Covid-19 pandemic and the collapse of Wirecard, the level of activity we are experiencing from our customers, particularly those in International Payments, but also now on the Spend platform provides us with increasing confidence for a recovery in 2021 and beyond,” Equals CEO, Ian Strafford Taylor said.
Meanwhile, the Group recently acquired the international payments business of Effective FX for £1.575 million.