We're pleased to announce strong end of year financial results for Equals Group with revenues up 58%. Additionally, gross profits increased 39% to £33.7 million, and year-end cash increased 15% to £15.0 million.
2022 saw a continued investment in Equals Solutions, the Group's money movement solution for corporate clients, as well as the acquisition of back-end payments company Roqqett. The Company also introduced several new products, including virtual cards, to make money movement simple for its customers.
Equals Group has plans in 2023 to continue to invest in its product offering and make money movement as easy as possible for businesses, all the while keeping customer experience at the heart of their mission. This includes recent agreements to acquire (subject to FCA approval) Hamer & Hamer, a B2B International Payments business and Oonex, a Brussels-based merchant acquiring business (subject to approval by National Bank of Belgium).
Please see FY-2022 Results and Q1-2023 Trading Update here.
The financial results reflect significant investments made over several years in creating a robust platform comprising international and domestic payments, card payments, and banking services underpinned by exceptional technology and direct connections to multiple payment networks.
Further investments were made in FY-2022 in compliance, onboarding, and user experience such that the rich functionality of the platform is easily accessible to current and potential customers.
CEO of Equals Group PLC, Ian Strafford-Taylor said: “The traction that we gained in 2022, resulting in rapid growth, significant cash generation and enhanced profitability, and the trading momentum that we possess today is a direct result of the sustained investment that we have made into our platform and proposition over several years. In developing a platform with superior and wide-ranging capabilities, securely backed by bank-grade functionality, the Group’s proposition is being utilised at significantly greater levels and we are attracting larger volumes from a broader array of businesses, including large corporates.
“We will further invest in the platform and our broader operations to enable us to continue to capture the very clear market opportunity and, as seen with our FY-2022 results, the benefits of scale can be seen in operational leverage and enhanced profitability.”
“Our rapid growth has continued into 2023, which is particularly pleasing when measured on top of the growth achieved in FY-2022. The Group remains entirely focused on achieving further profitable growth, and, with our Q1-2023 results being ahead of expectations, we look forward with much confidence.”
Please see Regulatory News Service (RNS) announcement here.
Percentages are calculated based on underlying rather than rounded figures.
1Adjusted EBITDA is defined as operating profit before: depreciation, amortisation, impairment charges and share option charges and items of an exceptional nature. EBITDA is defined as operating profit before depreciation and amortisation.
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