The fintech payments company Equals Group Plc has released a pre-close trading update for the financial year of 2023 ended 31 December 2023. The publicly-listed entity reported unaudited revenues of £95.5 million for the year, representing an increase of 37% compared to £69.7 million in the prior year.

Equals Group FY23 Revenue Rises 37% to £95.5 Million

The strong revenue growth was primarily driven by the Solutions business, with additional growth coming from B2B products. On a per working day basis, revenues grew 36.4% year-over-year.

The robust trading performance also resulted in increased Adjusted EBITDA and approximately £18.3 million cash in the bank. After accounting for cash-in-transit and cash used for acquisitions, earn-outs and a maiden dividend, the Board expects Equals Group's full-year 2023 results to be in line with current market expectations.

“We will continue with our plans in 2024 and look forward with confidence in our proposition, our teams, our technology and, ultimately, our sustained growth prospects,” Ian Strafford-Taylor, the CEO of Equals Group, expressed confidence in the company's growth prospects. He noted that while a strategic review announced in November 2023 is ongoing, the company will continue executing its plans this year.

The final 2023 results are still subject to audit. Equals Group plans to report the audited full-year results in the week starting 15 April 2024, and will further provide an update on Q1 2024 trading at that time.

Equals Group Makes Strategic Acquisitions to Drive Growth

In July 2023, Equals Group acquired Oonex S.A., a full-service payment institution. The acquisition was made by issuing an initial batch of 3,938,294 ordinary shares of Equals Group, with additional share payments to be made over the next six months based on certain conditions.

Equals Group continued on this strategic path in December 2023 by acquiring Roqqett Limited. This £8 million acquisition was funded by issuing new ordinary shares after satisfying certain deferred payment conditions.

The acquisitions followed a period of strong financial performance for Equals Group. In September 2023, the company released its half-year results, showing a year-over-year revenue increase of 43% to £41.5 million. Adjusted EBITDA additionally hit a record high of £8.7 million.