Priya PatelTLDR: Equals Group, a fintech payments company, reported a 37% increase in revenues for the financial year 2023 compared to the previous year. The growth was driven by the Solutions business and B2B products. The company expressed confidence in its growth prospects and plans to continue executing its plans in 2024. Equals Group also made strategic acquisitions in 2023 to drive further growth. The final audited results for 2023 are yet to be released.
Equals Group Plc, a fintech payments company, has reported unaudited revenues of £95.5 million for the financial year 2023, representing a 37% increase compared to the previous year. The strong revenue growth was primarily driven by the Solutions business and B2B products. On a per working day basis, revenues grew 36.4% year-over-year. The company also saw an increase in Adjusted EBITDA and has approximately £18.3 million cash in the bank.
Despite an ongoing strategic review, Equals Group expressed confidence in its growth prospects and plans to continue with its plans in 2024. The CEO, Ian Strafford-Taylor, stated that the company is confident in its proposition, teams, technology, and sustained growth prospects. The strategic review, which was announced in November 2023, is still ongoing, but the company will continue executing its plans this year.
Equals Group made strategic acquisitions in 2023 to drive further growth. In July, the company acquired Oonex S.A., a full-service payment institution, by issuing an initial batch of ordinary shares. In December, Equals Group acquired Roqqett Limited for £8 million, funded by issuing new ordinary shares after satisfying certain deferred payment conditions.
The final audited results for the financial year 2023 are expected to be released in April 2024, and Equals Group plans to provide an update on Q1 2024 trading at that time.
