Priya Patel
TLDR:
- Equals Group reported a 28% revenue growth in Q1 FY24, reaching £22.2 million.
- The company extended its strategic review deadline as discussions with potential buyers, including Madison Dearborn Partners, continue.
The publicly-listed Equals Group (LSE: EQLS) experienced significant revenue growth in the first quarter of fiscal year 2024, with revenues reaching £22.2 million, a 28% increase from the previous year. This growth was driven by strong trading performance across the business, particularly from the Solutions division. The company’s unaudited revenues for the full year of 2023 were £95.5 million, marking a 37% increase compared to the previous year. Equals is confident in its growth prospects and expects this performance to continue throughout the year.
Equals initiated a strategic review in November 2023 to explore options to maximize shareholder value, potentially including a sale of the company. Discussions with potential buyers, such as Madison Dearborn Partners, LLC, have led to an extension of the “put up or shut up” deadline by the Panel on Takeovers and Mergers. Madison Dearborn now has until April 17, 2024, to announce its intention to make an offer for Equals or decide against it. This extension marks continued uncertainty regarding a potential takeover.
