Equals, formerly known as FairFX, has published its interim results for the first half of 2020 ended on June 30, reporting an after-tax loss of £3.16 million. The company was profitable in the similar period of the previous year with £445,000.
However, the forex provider’s loss for H2 2019 was £5.81 million, meaning there was a 46 percent reduction in after-tax losses for the latest year half compared to the past six months.
Finance Magnates earlier reported on Equals’ revenues for the same period, but the latest numbers give a much deeper understanding of the company’s performance.
The total revenue of the e-banking and international payments group stood at £13.8 million. Though, the revenue generated from the B2B streams was £9 million and the rest from B2C businesses.
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Compared to the reported numbers from the first half of the previous year, the company’s B2B revenue increased 32 percent year-on-year while the B2C revenues went down by 29 percent. This decline in the B2C business was mainly due to the impact in this sector by the uncertainties caused by the Coronavirus.
Moving from B2C to B2B
The Group also highlighted that it is shifting its focus from the legacy B2C travel money business to the B2B revenue streams.
Additionally, the company pointed out that its international payments business remained resilient in Q3 of 2020 with £3.8 million, compared to the previous quarter’s £3.5 million.
“We believe it is testament to the quality of the business and the resilience of our B2B focused model that we are reporting both an increase in revenue and decrease in underlying expenditure against the headwinds posed by a combination of Covid-19 and the changes forced upon the business as a result of the demise of Wirecard,” Equals Group CEO, Ian Strafford-Taylor said.
“Our revenues continue to grow against this unprecedented backdrop and we have not yet completed our exercise of cost savings which will benefit the second half of the year.”