Equals Acquires Oonex and Reports Record Revenues of £45 Million

<p>Equals
(AIM: <a href="https://www.financemagnates.com/tag/equals/" target="_blank" rel="follow">EQLS</a>), a publicly-listed <a href="https://www.financemagnates.com/terms/f/fintech/">fintech</a> company, issued two important updates
today (Wednesday). The first information refers to the completion of the
acquisition of Oonex S.A., a full-service payment institution. The second
update summarized the trading results for the first half of 2023. H1 proved to
be a record-breaking period for Equals, with the company's revenues increasing
by 43%.</p><p>Equals Reports Record
Revenues</p><p>According
to the trading update for the period from January to June 2023, Equals'
revenues reached £45.0 million, significantly growing from £31.4 million
reported in the same period last year. Revenues also increased compared to the
<a href="https://www.financemagnates.com/fintech/equals-posts-43-h2-2022-revenue-uptick/" target="_blank" rel="follow">previous half-year</a> (21%), from £38.3 million.</p><p>The report demonstrates
that Equals achieved positive growth in all key sectors of its operations. The
strongest performance was observed in the "Solutions" sector, where
there was a 116% appreciation <a href="https://www.financemagnates.com/fintech/payments/equals-ends-h1-2022-with-08-million-in-net-profits/" target="_blank" rel="follow">compared to H1 2022</a>, reaching £13.6 million, and
a 46% increase compared to H2 2022.</p><p>"It is
very pleasing to be able to report half-year revenues for 2023 that exceed
those posted for the whole year in 2021. To have come so far in such a short
period of time is testament to the incredible efforts of everyone who works for
the Equals Group," Ian Strafford-Taylor, the CEO of Equals, commented on
the trading update.</p><blockquote><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/EQLS?src=hash&amp;ref_src=twsrc%5Etfw">#EQLS</a> <a href="https://twitter.com/EqualsMoneyFX?ref_src=twsrc%5Etfw">@EqualsMoneyFX</a> has reported a solid update for H1 23 with revenues +43% to a record £45m (£363k per day). GP margin now over 50%. Outlook is positive with full year expectations at least 'in line' and H1 results are due on 12 Sep. <a href="https://twitter.com/hashtag/tradingupdate?src=hash&amp;ref_src=twsrc%5Etfw">#tradingupdate</a> <a href="https://twitter.com/hashtag/investing?src=hash&amp;ref_src=twsrc%5Etfw">#investing</a> <a href="https://twitter.com/hashtag/growth?src=hash&amp;ref_src=twsrc%5Etfw">#growth</a> <a href="https://t.co/XzMgV1jKkE">pic.twitter.com/XzMgV1jKkE</a></p>— Equity Development (@equity_research) <a href="https://twitter.com/equity_research/status/1676477768698155015?ref_src=twsrc%5Etfw">July 5, 2023</a></blockquote><p>The average
daily revenue of the company in the first half of the current year amounted to
£363 thousand, growing by 42% from £255 thousand reported last year. The
management confirms that the financial results align with the forecasts for the
fiscal year 2023. Furthermore, the Adjusted EBITDA margins are expected to be
20%, even after the <a href="https://www.financemagnates.com/terms/a/acquisition/">acquisition</a> of Oonex.</p><p>Reacting to the news of the financial results and the acquisition of Oonex, Equals shares are up more than 3% today to £99.0, with year-to-date gains of almost 11%.</p><p>Equals Completes the
Acquisition of Oonex</p><p>Before
publishing the trading update, the company issued a regulatory filing regarding
the completion of the acquisition of Oonex S.A. The National Bank of Belgium
(NBB) confirmed that it had no objections to the transaction, which was closed
on 4 July 2023.</p><p>The payment
for the acquisition is being made by issuing an initial batch of 3,938,294 ordinary
shares with a value of 1 pence each in Equals Group plc. Additional batches of
61,706 and up to 1,000,000 shares (subject to certain conditions) will be
issued within the next six months. </p><p>"We
are delighted that the NBB has confirmed that it had no objections to the
change of control for Oonex, so we can now commence growing the business in
Brussels as well as integrating it into the Equals technology platform,"
added Strafford-Taylor. He sees Oonex as a tremendous opportunity for Equals.</p><p>The
acquisition of Oonex and its regulatory licenses and banking relationships
enable Equals to introduce its payments to new European markets. Oonex's
ability to issue local IBAN numbers in the Eurozone significantly expands the
addressable market for the group's platform and products.</p><p>For Equals
it is another acquisition after the purchase of open banking startup <a href="https://www.financemagnates.com/fintech/equals-to-acquire-open-baking-startup-roqqett-for-225m/" target="_blank" rel="follow">Roqqett Limited</a>
for £2.25 million back in November 2022. </p>

This article was written by Damian Chmiel at www.financemagnates.com.