TIDMEQLS

RNS Number : 6868K

Equals Group PLC

06 January 2021

 
 For immediate release   6 January 2021 
 

Equals Group plc

('Equals' or the 'Group')

FY-2020 Trading Update

Equals (AIM:EQLS) , the technology-led international payments group focused on the SME marketplace, is pleased to provide the following trading update for year ended 31 December 2020 ('FY-2020').

The Group's recent trading update on 1 December 2020 noted continuation of positive trading into H2-2020. Since then, the strong performance has continued with revenue for FY-2020 now expected to be around GBP1.0 million ahead of market expectations at GBP29.0 million, reflecting a strong performance in the Group's B2B products in December 2020. Adjusted EBITDA is now expected to be around GBP1.0 million for FY-2020, which again is comfortably ahead of market expectations*.

As previously announced, the Group has significantly reduced its cost base leading to both cash break-even and an increased cash position of GBP8.0 million (excluding the GBP2.0 million drawdown from the Government's CBILS scheme ), which is comfortably ahead of market expectations*. Headcount across the Group now stands at below 260 employees and, as such, is over 25% down from its peak.

The Group's original focus was in Travel Money. That is no longer the case. Despite the effects of the the Covid-19 pandemic, strong revenues from both Payments and Banking Services underlies this strategic shift, and the Group is increasingly being seen as the payment partner of choice for SMEs allowing them to utilise a variety of payment options to boost their international trade.

The figures in this announcement are unaudited and the Group expects to report its audited financial statements in early April 2021.

Ian Strafford Taylor, CEO of Equals, said: "With the considerable headwinds posed in FY-2020 by Brexit and the ongoing Covid-19 pandemic, for us to deliver revenues only 6% lower than the prior year and materially ahead of expectations, is I believe an excellent achievement of which I am extremely proud. The hard work and motivation of our dedicated team of staff, from engineers delivering product, customer facing staff upselling and cross-selling, middle-office staff providing superior customer service, and back-office staff tightly controlling risks, has meant that we have ended the year well and in robust shape, leaving us well positioned for the post Brexit future."

- Ends -

* The Group believes that current market expectations for adjusted EBITDA average GBP0.55 million with net cash averaging GBP6.75 million for FY-2020.

This announcement contains inside information.

For more information, please contact:

 
 Equals Group plc 
 Ian Strafford-Taylor, CEO                  Tel: +44 (0) 20 7778 
  Richard Cooper, CFO                                       9308 
                                               www.equalsplc.com 
 Cenkos Securities plc (Nominated Advisor 
  / Joint Broker) 
 Max Hartley / Callum Davidson              Tel: +44 (0) 20 7397 
  Nick Searle (Sales)                                       8900 
 Canaccord Genuity (Joint Broker) 
 Bobbie Hilliam / Georgina McCooke          Tel: +44 (0) 20 7523 
  Alex Aylen (Sales)                                        8150 
 Buchanan (Financial Communications) 
 Henry Harrison-Topham / Steph Watson       Tel: +44 (0) 20 7466 
  / Toto Berger                                             5000 
  equals@buchanan.uk.com                     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 and currently employs around 250 staff across sites in London and Chester. For more information, please visit www.equalsplc.com .

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END

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January 06, 2021 02:00 ET (07:00 GMT)

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