Equals Group (EQLS) Trading Update summary

Revenue performance

• H1-2024 revenue rose 33% year-on-year to £60.0 million, up from £45.0 million in H1-2023.

• Q2-2024 saw strong growth in Solutions and International Payments, with Solutions revenue reaching £13.5 million and International Payments £7.4 million.

• Fee-based revenues increased quarter-on-quarter, driven by recurring contracts in the Solutions platform.

• FX revenues rebounded in Q2-2024 after a subdued Q1, with B2B activity remaining robust despite weaker B2C demand.

• Interest income benefited from higher safeguarded balances and improved rates with Tier-1 banks.

Business developments

• Equals Money Europe (EMEU), acquired in July 2023, showed strong revenue growth, with Q2-2024 revenue at €1.6 million, up from €0.8 million in Q2-2023.

• EMEU has been onboarded by a Tier 1 UK bank, positioning for further growth in FX and Solutions.

• The group continues to focus on the Enterprise and SME market, offering FX, card payments, and Faster Payments.

Financial position

• As of 30 June 2024, cash at bank stood at £20.5 million with no debt.

• During H1-2024, £1.9 million was paid as dividends, £1.8 million for past acquisitions, and £0.5 million for strategic review costs.