Equals (AIM: EQLS), a provider of payment solutions to SMEs, published its interim results for the first six months of 2022. It ended the period with an after tax-profit of £0.8 million, recovering from a loss of £1.2 million in a similar period of the previous year.
Additionally, the adjusted EBITDA of the company jumped 203 percent to reach £4.9 million. The basic earning per share at the end of the period came in at £0.38, pivoting from a negative £0.7 in H1 2021.
“This is an outstanding set of results with record revenue and EBITDA cementing our extremely successful transition into cash generation and, ultimately, a return to the first statutory profit since 2018,” said Ian Strafford-Taylor, the CEO of Equals Group plc.
“It also reflects the three-year investment cycle into platform, connectivity , and compliance which, alongside our operational pivot towards corporate customers, has enabled the business to go from strength to strength.”
In an earlier trading update, the company already revealed other key performance metrics. Between January and June, it generated £31.4 million in revenue, which was 86 percent higher than the previous year. It was a record revenue brought in by the company.
The gross profit jumped 44 percent to £14.9 million, while the operating profit ended up at £1.1 million, compared to a loss of £2.2 million in the previous year.
Q3 Performance
The company already brought in £13.3 million in revenue between 1 July 2022 to 5 September 2022, which is a yearly increase of 55 percent.
“Trading in Q3-2022 has continued to be robust, despite global economic uncertainty and inflationary pressures, with strong growth over the same period last year. We continue to see an increase in fee-based revenues to complement our transactional and FX revenues, which is part of our overall strategy for diversifying and de-risking our earnings streams,” said Strafford-Taylor.
“Based on these strong results and our current trading performance, we look to the future with increased confidence and remain in line with expectations for the full year.”
