(Alliance News) - Equals Group PLC shares rose 10% on Wednesday after it said has significantly exceeded full-year trading expectations with the year not yet done.
Equals is a London-based payments firm serving small- and medium enterprises.
For the period from October 1 to Monday this week, Equals said revenue had more than doubled to GBP11.6 million from GBP5.7 million in the same period a year ago.
Equals said revenue for the year-to-date has increased 51% to GBP40.4 million from GBP26.8 million for the same period of 2020.
Underlying revenue rose by 45% over the year-to-date and by 78% between October 1 and December 6. Equals said these increases were largely driven by strong demand for its new multi-currency product aimed at larger businesses. This has generated GBP3.1 million in the year-to-date and GBP1.2 million from October to early December.
Equals also cited substantial growth in its spend platform and its white-label business for the rise in revenue.
Revenue from the company's business-to-client travel-money products represented only 5% of total revenue between October and early December.
Equals said that its strong performance in revenue has underpinned increased gross profits and earnings before interest, tax, depreciation and amortisation and, as a result, it has exceeded full-year profitability forecasts.
Chief Executive Ian Strafford-Taylor said: "I am delighted to be able to inform the market that the strong performance we saw in September and October has continued and allowed us to significantly surpass the market expectations for the full year in early December. Our results show the results of strategic steps we undertook three years ago to pivot the business to a business to business-focus and to invest into our platforms and connectivity."
Equals shares were up 9.9% at 69.25 pence a midday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Equals Gp (EQLS)