We’re pleased to announce strong interim results for 2024 with record transaction values and revenues up 33% to £60.0 million, including £24.8 million derived from the Solutions (Equals Money Enterprise) platform.
The results also saw further improvements to gross profit margin, increasing to 57.4% from 52.4% and adjusted EBITDA* grew to £12.7 million, a 30% increase compared to the same period last year.
Operational highlights from the first half of the year include the onboarding of Equals Money Europe by Tier 1 banking partner, allowing functionality parity with Equals in the United Kingdom, and the completion of remediation of Equals Money Europe for known pre-acquisition regulatory and compliance issues.
Additional product and operational highlights include the completion of automated ‘payment sending service’ (‘PSS’) for outbound payments and the migration of FairFX’s card product to the Equals platform.
Equals plans to continue investing in its product offering and development throughout the remainder of 2024, with the goal of simplifying money movement for businesses of all sizes, while maintaining a strong focus on customer experience at the core of our mission.
We also announced a strong trading update for Q3 2024, with year-to-date revenue of £86.9 million, 38% ahead of the same period in 2023, and revenues per day averaging £549k, compared to £383k in the same period in 2023.
Our CEO, Ian Strafford-Taylor said:
“This has been another strong half for Equals, which continues to process transactions at record levels with SME clients and larger corporates recognising the value of our well-invested proposition. Indeed, our H1 total transaction values are 120% greater than that of two years ago, and 44% greater year-on-year, reflecting our sustained investment into product development and expansion of our addressable market. The operational leverage that this scale is providing is evident in our increased gross margin and the growth of the Group’s profitability.
“Our strategy to continue growing the total addressable market continues to be aided by the white labelling of our product suite, meaning clients can operate as distribution partners for our platform. Our offering in Europe provides another growth opportunity that we are capitalising on. Management’s laser focus on B2B as a route to market is fundamental to the growth of the business, not just at the top line but also in terms of profitability and cash generation. We will continue to invest in our platform and proposition in line with our objective to further broaden our addressable market.”
Percentages are calculated based on underlying rather than rounded figures.
*Adjusted EBITDA is defined as operating profit before: depreciation, amortisation, impairment charges and share option charges and items of an exceptional nature. EBITDA is defined as operating profit before depreciation and amortisation.
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