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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Equals Group
Equals Group (EQLS) investor relations material
Equals Group has been delisted
Equals Group H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2024 earnings summary8 Apr, 2025
Executive summary
Revenue grew 38% year-over-year to £131.7m, with gross profit up 41% to £73.9m and adjusted EBITDA up 37% to £28.3m.
Profit after tax was £7.4m, down 4% from last year, impacted by higher administrative expenses and exceptional items.
B2B revenue share increased to 86%, reflecting a strategic pivot from B2C and strong growth in the Solutions platform.
The group is being acquired by Alakazam Holdings Bidco for 140p per share, including a 5p special dividend, with completion expected in April 2025.
Headcount rose 9% to 400, with investments in compliance, technology, and international expansion.
Financial highlights
Transaction volumes rose 47% to £18.2bn; revenue up 38% to £131.7m; gross profit up 41% to £73.9m year-over-year.
Adjusted EBITDA increased 37% to £28.3m; adjusted profit after tax up 49% to £19.6m.
Interest income on safeguarded funds nearly doubled to £21.9m, driven by higher customer balances.
Cash at bank at year-end was £29.2m, up from £18.7m; cash per share rose to 15.5p.
Two ordinary dividends totaling £3.8m were paid, plus a 5p special dividend as part of the acquisition.
Outlook and guidance
Management expects continued strong growth, supported by investments in technology, compliance, and international reach.
Headcount growth will slow relative to revenue expansion in 2025.
The group anticipates further market share gains in the B2B payments sector.
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Frequently asked questions
Equals Group plc is a financial technology company providing payment solutions, foreign exchange services, and expense management tools to individuals and businesses. Its offerings include international money transfers, corporate payment solutions, and multi-currency accounts, all accessible via digital platforms. Equals Group serves sectors that require efficient, cost-effective payment and FX solutions, allowing clients to manage cross-border payments and expenses with transparency and control. The company is headquartered in London, United Kingdom, and its shares are listed on the AIM.