Overall revenues in 2020 are running at around £108,000 a day versus £11,000 in 2019, the company said in its results statement for 2019.
It noted that this year’s revenue streams in both the business-to-business (B2B) segment and retail banking remain robust while, as one might expect given the strict restrictions on overseas travel, the business-to-consumer (B2C) operations have been hit hard by the coronavirus (COVID-19) pandemic, especially in March and April although things have been improving in the last two months.
The group added that the situation at Wirecard UK has had a limited impact on revenues due to supply chain measures taken in previous years.
In 2019, revenue rose to £30.94mln, up from £26.46mln the year before.
After a £4.9mln non-cash impairment charge relating to the future revenue growth rates for the Banking business and £3.4mln of various items relating to the company’s transition from a B2C travel money operator to a B2B-focused payments group, the company posted a loss before tax of £7.96mln versus a profit in 2018 of £2.08mln but adjusted underlying earnings (EBITDA) improved to £9.1mln from £7.5mln the year before.
As of June 26, the group has cash of £7.7mln and no bank debt.
“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,” said Ian Strafford-Taylor, the chief executive officer of Equals Group.
“Supported by our recent fundraise, 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,” he added.
Published at Mon, 29 Jun 2020 07:17:00 +0000-Equals Group confident as revenues return to more normal levels