Equals Group plc has announced its financial results for the year ended 31 December 2020 and provided an update about the company’s performance during the first quarter of 2021. During FY 2020, Equals Group reported a jump in B2B revenue.
According to the official announcement, the overall revenue during FY 2020 decreased slightly to £29 million, compared to £30.9 million in FY 2019. The company’s B2B revenue touched £20.3 million in FY 2020, compared to £18.5 million in FY 2019.
Equals reported strong numbers in Q1 of 2021 as the overall revenue reached £8 million. The company mentioned that costs remained under tight control in the last three months. The performance during the first quarter of 2021 exceeded management expectations.
Commenting on the latest financial results, Ian Strafford-Taylor, CEO of Equals Group plc, said: “Despite a number of external headwinds, the operational and financial progress made this year, as we focused our business towards B2B, something I am incredibly proud of and highlights the quality of the Equals Group.”
Earlier this year, Equals Group announced that the company has formed a partnered with Tap Global Limited to provide cryptocurrency exchange services to both its B2B and B2C customers.
Focus on B2B
Equals Group highlighted significant growth in its B2B business during the latest announcement. The company said that B2B accounted for nearly 70% of overall revenues in FY 2020, compared to 56% in FY 2019. B2B transactions were also up significantly in the last year.
"As the UK Payments sector becomes increasingly crowded with specialist operators, our unique proposition spanning banking services, international payments and card-based solutions is proving to be a major differentiator for our customers, driving loyalty and new customer Acquisition . This, coupled with the benefits of our accelerated planned restructuring and right-sizing of operations, places us in a really strong position as we move past the challenges of 2020 and continue to focus on driving further B2B-led growth," Equals Group CEO mentioned in the official announcement.
