Equals revenue rises ahead of its agreed acquisition
By Josh White
Date: Tuesday 08 Apr 2025
(Sharecast News) - Equals Group reported a 38% increase in revenue to £131.7m for the year ended 31 December on Tuesday, as strong growth across its platform drove record transaction volumes ahead of its recommended takeover by Alakazam Holdings Bidco.
The AIM-traded firm said total underlying transaction values rose 47% year-on-year to £18.2bn, with notable strength across foreign exchange, banking, and solutions platforms.
Adjusted EBITDA rose 37% to £28.3m, and adjusted profit after tax increased by 49% to £19.6m.
The business continued to expand its B2B presence, which accounted for 86% of total revenue, up from 84% in 2023.
Despite the strong operational performance, profit after tax on a GAAP basis declined 4% to £7.4m, reflecting a 64% increase in administrative expenses to £55.3m.
The company ended the year with a robust cash position of £29.2m and increased total dividend payments to £3.8m, from £0.9m the previous year.
Equals reaffirmed that its acquisition by Bidco was progressing as planned.
Shareholders approved the all-cash offer of 140p per share in January, including a 5p special dividend.
Regulatory conditions had since been satisfied, with the court hearing to sanction the scheme scheduled for 10 April.
The acquisition was expected to complete on 14 April, with the last day of trading in Equals shares set for 11 April and AIM delisting to follow on 15 April.
Equals said the 5p special dividend would be paid by 28 April to shareholders on the register as of 11 April, contingent on the scheme becoming effective.
"We continued to grow strongly in 2024, achieving strong levels of revenue, adjusted EBITDA, and operational cash generation," said chief executive officer Ian Strafford-Taylor.
"We also expanded internationally, broadened our product offering and hired greater talent to take the group forward.
"However, and as previously stated, the highly competitive nature of the payments market, and the considerable investment required to 'stay-ahead-of-the-game', led the board to conclude that private ownership by well-funded partners would be a better route for the group, with shareholders having approved the terms of the acquisition, which is now expected to complete on 14 April."
Strafford-Taylor said the results were thus likely to be the last that Equals announces as a public company.
At 1117 BST, shares in Equals Group were down 0.25% at 139.15p.
Reporting by Josh White for Sharecast.com.
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