(Alliance News) - Equals Group PLC on Monday said it swung to an annual loss, with expenses more than offsetting a revenue climb.
The payments firm's revenue rose 19% to GBP30.9 million from GBP26.1 million, but it reported a pretax loss of GBP8.0 million, swinging from a GBP1.8 million profit.
Administrative expenses surged 42% to GBP20.1 million, numbers showed.
Chief Executive Officer Ian Strafford-Taylor said: "I am pleased to report that 2019 was a positive year of revenue and profit growth for Equals, and, crucially, our strategy to refocus the business on higher margin B2B customers with a diverse range of integrated money management products is paying off as our revenue mix moves away from our legacy FX business and B2C customers.
"The Covid-19 pandemic has affected the business, but revenues have returned to more normalised levels in most business lines since the initial impact in late March, April and May. Our teams have transitioned to remote working well, with the investment in improved technical infrastructure benefitting our operations."
The London-based company said 2020 revenue is "tracking close to prior-year levels", despite the impact of the pandemic.
CEO Strafford-Taylor added: "We look forward to the future with confidence as we continue to expand our product range and make selective acquisitions when opportunity presents. Equals is well positioned in the current market with a deep pool of active customers driving progress across the business."
Shares in Equals were 13% lower at 29.50 pence each in London on Monday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Equals Gp (EQLS)