(Alliance News) - Equals Group PLC on Wednesday reported a double-digit jump in its half-year revenue as it eyes future growth with "increased confidence". It also saw robust trading in the third quarter.
Equals is a London-based payments firm serving small and medium enterprises.
Shares were down 4.8% at 90.90 pence each on Wednesday morning in London.
For the six months that ended on June 30, the company swung to a pretax profit of GBP885,000 from a loss of GBP2.2 million a year earlier, as revenue surged 86% to GBP31.4 million from GBP16.9 million.
"This growth was broad-based with all product lines performing well," the company explained. Growth in Solutions, the group's platform that targets larger corporate, reported revenue of GBP3.1 million during the period compared to GBP1.1 million a year ago.
Adjusted earnings before interest, tax, depreciation and amortisation went up significantly to GBP4.9 million from GBP1.6 million a year earlier.
Chief Executive Officer Ian Strafford-Taylor said: "This is an outstanding set of results with record revenue and Ebitda cementing our extremely successful transition into cash generation. 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."
Looking ahead, Equals said it looks to the future with increased confidence and remains in line with expectations for the full-year.
By Xindi Wei; xindiwei@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Equals Gp (EQLS)