Equals Ends H1 2022 with £0.8 Million in Net Profits

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Equals Ends H1 2022 with £0.8 Million in Net Profits

<p>Equals (AIM: EQLS), a provider of payment solutions to SMEs, published its interim results for the first six months of 2022. It ended the period with an after tax-profit of £0.8 million, recovering from a loss of £1.2 million in a similar period of the previous year.</p><p>Additionally, the adjusted EBITDA of the company jumped 203 percent to reach £4.9 million. The basic earning per share at the end of the period came in at £0.38, pivoting from a negative £0.7 in H1 2021.</p><p>"This is an outstanding set of results with <a href="https://www.financemagnates.com/fintech/news/equals-groups-revenue-climbs-52-yoy-in-fy21/" target="_blank">record revenue</a> and EBITDA cementing our extremely successful transition into cash generation and, ultimately, a return to the first statutory profit since 2018," said Ian Strafford-Taylor, the CEO of Equals Group plc.</p><p>"It also reflects the three-year investment cycle into platform, <a href="https://www.financemagnates.com/terms/c/connectivity/" target="_blank" id="67c58fee-a85e-483c-8fac-648b94f10aab_1" class="terms__secondary-term">connectivity</a>, and <a href="https://www.financemagnates.com/terms/c/compliance/" target="_blank" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a_1" class="terms__main-term">compliance</a> which, alongside our operational pivot towards corporate customers, has enabled the business to go from strength to strength."</p><p>In an <a href="https://www.financemagnates.com/fintech/payments/equals-group-posts-record-h1-2022-revenue-jumps-84/" target="_blank">earlier trading update</a>, the company already revealed other key performance metrics. Between January and June, it generated £31.4 million in revenue, which was 86 percent higher than the previous year. It was a record revenue brought in by the company.</p><p>The gross profit jumped 44 percent to £14.9 million, while the operating profit ended up at £1.1 million, compared to a loss of £2.2 million in the previous year.</p><p>Q3 Performance</p><p>The company already brought in £13.3 million in revenue between 1 July 2022 to 5 September 2022, which is a yearly increase of 55 percent.</p><p>"Trading in Q3-2022 has continued to be robust, despite global economic uncertainty and inflationary pressures, with strong growth over the same period last year.  We continue to see an increase in fee-based revenues to complement our transactional and FX revenues, which is part of our overall strategy for diversifying and de-risking our earnings streams," said Strafford-Taylor.</p><p>"Based on these strong results and our current trading performance, we look to the future with increased confidence and remain in line with expectations for the full year."</p>

This article was written by Arnab Shome at www.financemagnates.com.

Source: Equals Ends H1 2022 with £0.8 Million in Net Profits