Equals Group ends year in line with market expectations

(Sharecast News) - Fintech payments specialist Equals Group said in a trading update on Tuesday that its unaudited figures for 2023 showed full-year revenue of £95.5m, representing a substantial 37% increase compared to the prior financial year. The AIM-traded firm said its robust revenue performance was accompanied by ongoing growth in adjusted EBITDA.

It said the strong trading performance also translated into a healthy financial position for Equals Group.

As of 31 December, it had around £18.3m in cash reserves, along with an additional £2.3m in cash-in-transit, which was received on 4 January.

Notably, during 2023, Equals disbursed £7m related to acquisitions, earn-outs, and a maiden dividend.

Equals Group's board anticipated that the financial results for 2023 would align with current market expectations.

"We have delivered a strong financial performance in 2023 as the group continues to benefit from its strategy of investment into technology and connectivity," said chief executive officer Ian Strafford-Taylor.

"Whilst the strategic review announced on 1 November remains ongoing, we will continue with our plans in 2024 and look forward with confidence in our proposition, our teams, our technology and, ultimately, our sustained growth prospects."

Equals Group said it would report its final results for the year ended 31 December in the week of 15 April, when it would also provide an update on trading in the first quarter of 2024.

At 1213 GMT, shares in Equals Group were down 3.75% at 115.5p.

Reporting by Josh White for Sharecast.com.