Equals Group PLC Pre-Close Trading Update & Notice of Results (8947M)
17 Enero 2023 - 1:00AM
UK Regulatory
TIDMEQLS
RNS Number : 8947M
Equals Group PLC
17 January 2023
For immediate release 17 January 2023
Equals Group plc
('Equals', the 'Group' or the 'Company')
Pre-Close Trading Update and
Notice of FY-22 Results
Equals Group plc (AIM:EQLS), the fast-growing payments group
focused on the SME marketplace, announces a pre-close trading
update for the financial year ended 31 December 2022 ('FY-22' or
the 'year').
Unaudited revenues for the year were GBP69.7 million, up 59%
(FY-21: GBP44.1 million); gross profits were GBP33.6 million, up
39% (FY-21: GBP24.0 million); and adjusted EBITDA[a] is expected to
be marginally above GBP12.0 million, up 79% (FY-21: GBP6.7 million)
and, ahead of market expectations. The underlying performance was
even better as 2021 included the 'one-off' revenue from a material
trade of GBP1.5 million and gross profits of GBP0.8 million.
As shown in the table below, revenue per working day[b]
increased by 60% over the full year. The 43% increase in H2-22
revenues shows the effects of Solutions revenues coming on stream
in H2 of the prior year and points to continued strong growth of
the business. H2-22 included a period of pronounced GBP volatility
in September which moved some customers to transact in Q3-22 rather
than Q4-22 but these effects smooth out over the six-month
period.
Period Revenue in Working Revenue per % change
GBP millions days working day on same period
in GBP000's in prior year
H1-21 16.9 124 136.3 23.7%
-------------- -------- ------------- ----------------
H2-21 27.2 129 210.8 79.0%
-------------- -------- ------------- ----------------
FY-21 44.1 253 174.3 52.3%
-------------- -------- ------------- ----------------
H1-22 31.4 123 255.3 87.3%
-------------- -------- ------------- ----------------
H2-22 38.3 127 301.6 43.0%
-------------- -------- ------------- ----------------
FY-22 69.7 250 278.8 60.0%
-------------- -------- ------------- ----------------
The significant increase in adjusted EBITDA achieved in FY-22
versus FY-21 has been achieved whilst the Group continued to invest
in resources for future growth by adding headcount in sales,
marketing, onboarding and compliance functions. The Group has also
continued to manage its cost base in the face of high inflation and
labour-market tightness.
This robust trading has also resulted in approximately GBP15.0
million of cash at bank as at 31 December 2022, having settled in
full the CBILs loan of GBP2.0 million and disbursing in excess of
GBP2.0 million relating to acquisitions.
2022 also saw the Group continue to deliver on its strategy of
investment into its platform capabilities and connectivity,
including the announcement of direct participation in the SEPA
payments network for Euros. Further, the Group completed the
buy-out of the minority shareholdings of Equals Connect and
announced the acquisition of an open banking platform called
Roqqett. The Group will continue with its strategy of investment in
growth, platform and connectivity and the Board is confident of
achieving a strong result for FY-23.
Commenting on the Trading Update, Ian Strafford-Taylor, Chief
Executive Officer, said : "We have delivered a particularly strong
financial performance in 2022 as the Group reaped significant
benefits from operational gearing and economies of scale. This has
been made possible as a result of prudent and sustained investments
into the proposition, specifically technology and connectivity,
since 2018. That investment continued throughout 2022, supporting
and enabling rapid growth, and will continue through 2023 as we
target investment into an exciting roadmap of product development
and growth initiatives that will expand our capabilities. We look
forward to this year and beyond with confidence in our proposition,
our teams, our technology and, ultimately, our sustained growth
prospects."
Notice of FY-22 Results
All 2022 reported financial figures remain subject to audit and
Equals is pleased to announce that it will report its final results
for the year ended 31 December 2022 on Monday, 27 March 2023. The
Group will also provide an update on trading in Q1-23.
There will be an in-person presentation for analysts at 9:30am
on the day of the announcement, hosted by Ian Strafford-Taylor
(CEO) and Richard Cooper (CFO) at the offices of Buchanan, 107
Cheapside, London EC2V 6DN. Please contact Buchanan for further
details.
For retail investors, an audio webcast of the presentation with
analysts will be made available on the Group's Investor Relations
website ( www.equalsplc.com ) after 12pm on the day of results. A
link will be provided in the FY-22 Results statement.
This announcement contains inside information.
- Ends -
For more information, please contact:
Equals Group plc
Ian Strafford-Taylor, CEO Tel: +44 (0) 20 7778
Richard Cooper, CFO 9308
www.equalsplc.com
Canaccord Genuity (Nominated Adviser
/ Broker)
Max Hartley / Harry Rees Tel: +44 (0) 20 7523
8150
Buchanan (Financial Communications)
Henry Harrison-Topham / Toto Berger Tel: +44 (0) 20 7466
equals@buchanan.uk.com 5000
www.buchanan.uk.com
Notes to Editors:
Equals Group is a technology-led international payments group
augmented by highly personalised service for the payment needs of
SME's whether these be FX, card payments or via Faster Payments.
Founded in 2007, the Group listed on AIM in 2014. For more
information, please visit www.equalsplc.com .
[a] Adjusted EBITDA is before share option charges and
exceptional items.
[b] 253 working days in FY-21 and 250 in FY-22 which had 10
public holidays.
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