CoinWorld reported:
Financial technology payment company Equals Group plc (AIM:EQLS), which is publicly listed, announced in today’s (Wednesday) trading update that its revenue for the first half of 2024 has significantly increased. Revenue grew by 33% compared to the same period last year. However, the company did not provide data on net income or other key financial metrics.
Equals Group reported a strong revenue growth of 33% in the first half of 2024 compared to the previous year. The total revenue for the first half of 2024 stood at £60 million, a 30% increase from £45 million in the same period last year. This growth was primarily driven by strong performance in the solutions and international payment sectors.
Foreign exchange income also saw a slight increase, reaching £25.24 million compared to £24.7 million reported in the first half of 2023.
In the trading update, the company commented, “Foreign exchange income includes direct and white labels, partly dependent on market conditions and interest rate fluctuations, leading to increased customer activity.” “After a calm first quarter of 2024, we have seen a strong rebound in the second quarter. Overall, considering macroeconomic conditions, forex income for B2C customers was lower, while B2B income was stronger.”
The second quarter’s daily revenue was £527,000, showing a 36% increase from £388,000 reported in the same quarter of the previous year.
Key highlights of the trading update include:
– Solution income surged to £24.7 million in the first half of 2024, exceeding £13.6 million in the first half of 2023.
– Read this Term of Equals Money Europe (formerly Oonex USA) contributed to revenue growth from July 4, 2023.
– The company plans to disclose its complete mid-year performance for the first half of 2024 in the week of September 9, 2024. Additionally, Equals Group indicated that its ongoing strategic review is still in progress, with further updates expected on July 10, 2024.
Following a robust 2023, the first half of 2024 continued to show strength:
– Profits doubled to £7.7 million, with total revenue reaching £96 million, a historic high.
– If profits account for 8% of revenue, based on the current trading update data, profits are estimated to be slightly below £5 million.
CEO of Equals Group PLC, Ian Strafford Taylor, stated, “We continued our strong growth in 2023, achieving record revenue, adjusted EBITDA, and operational cash generation.” “This allows us to continue investing in the business and announce our first dividend.” If Equals maintains this revenue trend in the second half of 2024, the total annual performance may surpass the record achieved in 2023.
