Equals Group Ends 2023 on High Note with 37% Revenue Surge

<p>The fintech
<a href="https://www.financemagnates.com/terms/p/payments/">payments</a> company Equals Group Plc has released a pre-close trading update for
the financial year of 2023 ended 31 December 2023. The publicly-listed entity
reported unaudited revenues of £95.5 million for the year, representing an increase of 37% compared to £69.7 million in the prior year.</p><p>Equals Group FY23 Revenue
Rises 37% to £95.5 Million</p><p>The strong
revenue growth was primarily driven by the Solutions business, with additional
growth coming from B2B products. On a per working day basis, revenues grew
36.4% year-over-year.</p><p>The robust
trading performance also resulted in increased Adjusted EBITDA and
approximately £18.3 million cash in the bank. After accounting for
cash-in-transit and cash used for acquisitions, earn-outs and a maiden
dividend, the Board expects Equals Group's full-year 2023 results to be in line
with current market expectations.</p><p>“We will
continue with our plans in 2024 and look forward with confidence in our
proposition, our teams, our technology and, ultimately, our sustained growth
prospects,” Ian Strafford-Taylor, the CEO of <a href="https://www.financemagnates.com/tag/equals/" target="_blank" rel="follow">Equals Group</a>, expressed confidence
in the company's growth prospects. He noted that while a strategic review
announced in November 2023 is ongoing, the company will continue executing its
plans this year.</p><p>The final
2023 results are still subject to audit. Equals Group plans to report the
audited full-year results in the week starting 15 April 2024, and will further provide an update on Q1 2024 trading at that time.</p><p>Equals Group Makes
Strategic Acquisitions to Drive Growth</p><p>In July
2023, Equals Group <a href="https://www.financemagnates.com/fintech/equals-acquires-oonex-and-reports-record-revenues-of-45-million/" target="_blank" rel="follow">acquired Oonex S.A.</a>, a full-service payment institution. The
acquisition was made by issuing an initial batch of 3,938,294 ordinary shares
of Equals Group, with additional share payments to be made over the next six
months based on certain conditions.</p><p>Equals
Group continued on this strategic path in December 2023 by<a href="https://www.financemagnates.com/forex/news-nuggets-5-december-equals-updates-on-acquisition-fca-presents-new-plans/" target="_blank" rel="follow"> acquiring Roqqett
Limited</a>. This £8 million acquisition was funded by issuing new ordinary shares
after satisfying certain deferred payment conditions.</p><p>The
acquisitions followed a period of strong financial performance for Equals
Group. <a href="https://www.financemagnates.com/fintech/equals-group-revenue-hits-45-million-up-from-314-million-last-year/" target="_blank" rel="follow">In September 2023</a>, the company released its half-year results, showing a
year-over-year revenue increase of 43% to £41.5 million. Adjusted EBITDA additionally hit a record high of £8.7 million.</p>

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