Equals Group FY results seen ahead of current market expectations
By Iain Gilbert
Date: Monday 05 Dec 2022
(Sharecast News) - IT service management company Equals Group said on Monday that its full-year results were now on track to come in ahead of current market expectations.
Equals Group said revenues for the 11 months ended 30 November were £63.5m, an increase of 61% year-on-year, with revenues per day increasing to £270,000, compared to £170,000 in 2021.
The AIM-listed group, which stated that revenue growth had remained "robust" despite "unfavourable" global macroeconomic conditions, also highlighted that alongside the "strong revenue performance", it had continued to invest in its connectivity, technology, and product development whilst concurrently strengthening resources in sales, marketing, and compliance to underpin the continued growth of the business.
Chief executive Ian Strafford-Taylor said: "We are extremely pleased to see a 61% increase in our revenues in the 11 months ended 30 November with all segments performing strongly. Our revenue growth has continued in the face of difficult macro environments and this augurs well for 2023 and beyond.
"We continue to invest in people, products, and technology to drive our growth strategy and look forward to updating the market in early January with our full-year trading statement."
As of 1030 GMT, Equals shares were up 2.50% at 95.84p.
Reporting by Iain Gilbert at Sharecast.com
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