The publicly-listed Equals Group (LSE: EQLS) has reported impressive growth in its first quarter of the fiscal year 2024 (FY24). The company's revenues reached £22.2 million for the period up to 15 March 2024, representing an increase of 28% compared to the same period in the previous year.

Equals Group Announces Strong Q1 FY24 Results

The strong performance was driven by robust trading across the business, with particularly strong growth from the Solutions division.

The Board of Equals remains confident in the company's growth prospects and expects the strong performance to continue throughout the year. Further details on the company's financial performance will be provided in its final results, which are scheduled to be released on Tuesday, 16 April 2024.

The first quarter results of 2024 reinforce the strong performance seen throughout 2023. Equals disclosed unaudited revenues of £95.5 million for the year, marking an marked improvement of 37% from £69.7 million in the previous year.

This significant growth in revenue was mainly attributed to the Solutions segment, supplemented by growth in B2B products. Calculated on a per working day basis, revenue saw a year-over-year uptick of 36.4%.

Equals’ Strategic Review and PUSU Deadline Extension

In November 2023, Equals announced a strategic review to explore potential options to maximize shareholder value, including a possible sale of the company. As part of this process, the company has been in discussions with a limited number of potential counterparties, including Madison Dearborn Partners, LLC.

To allow more time for these discussions to take place, the Board of Equals has requested and been granted an extension to the “put up or shut up” (PUSU) deadline by the Panel on Takeovers and Mergers. Madison Dearborn Partners LLC now has until 5PM GMT on 17 April 2024 to either announce a firm intention to make an offer for Equals or to announce that it does not intend to make an offer.

For Equals, this marks another delay in the timeline concerning a potential takeover. The payments company, listed on AIM, began a "strategic review" in November and started discussions with Madison Dearborn Partners, a private equity group based in the US, about a possible sale.

Madison Dearborn's focus on Equals Group is part of a broader pattern of acquisition attempts aimed at London-based companies during the second half of last year. This trend resulted in 40 firms either transitioning to private ownership or accepting takeover offers, with experts predicting a new surge of privatizations as the markets find their footing.