Equals Group H1 revenues grow YOY
By Iain Gilbert
Date: Wednesday 03 Jul 2024
(Sharecast News) - Fintech payments group Equals said on Wednesday that interim revenues had improved.
Equals said total revenues came to £60.0m for H1, up more than 30% year-on-year, primarily due to strong performances in its solutions and international payments units. FX revenues also rose modestly, rising from £24.7m in H123 to £25.24m in H124.
"FX revenues, which incorporate both direct and white-label, are partly reliant on market conditions and volatility in rates leading to increased customer activity," said Equals. "After a quiet Q1-2024, we saw a strong pick up in Q2-2024. Overall, FX revenues from B2C customers are subdued given macro-economic conditions whereas B2B revenues are more robust."
The AIM-listed group said revenue per day in rose 36% in Q2 to £527,000 and also reported a solid cash position of £20.5m as of 30 June, with no debt.
As of 1030 BST, Equals shares were down 3.33% at 116.0p.
Reporting by Iain Gilbert at Sharecast.com
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