Equals Posts Revenue Increase with Strong B2B Demand
- The performance of its B2B offerings boosted the overall business.
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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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 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, 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.
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.
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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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 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, 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.
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.