LONDON (ShareCast) - (Sharecast News) - E-banking group Equals posted a "robust" first-quarter trading update on Tuesday, driven by its international payments and corporate banking units.
Equals said revenues were up 32% year-on-year in the first quarter of 2020 at ?8.3m, with the firm's business-to-business wing making up 67% of sales - up from 46% in the same quarter a year earlier.

Revenues from the group's international payments operations surged 116% year-on-year, while corporate banking revenues grew 30%.

However, the AIM-listed group warned that with the spread of Covid-19 hitting international travel, the travel money side of its business was impacted, as was its corporate expense platform - with the former seeing a 30% decline in revenues year-on-year.

Equals said its outlook for the second quarter would be dependent on the length and severity of the UK's lockdown measures and the pandemic's impact on the global economy.

As of 1015 BST, Equals shares were up 6.34% at 30.84p.

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