Equals Group FY revenue and EBITDA to significantly exceeded expectations

Fintech payments group Equals said on Wednesday that full-year revenue and underlying earnings had both significantly exceeded expectations.

Equals stated year-to-date group revenue was £40.4m, an increase of 51% year-on-year, while group revenue for the nine weeks ended 6 December was £11.6m, more than double the £5.7m brought in over the same period last year.

Underlying revenues rose 45% over the year-to-date, largely driven by strong demand for the company's Equals Solutions proposition.

The AIM-listed group highlighted that the "strong performance" in revenues had also underpinned increased gross profits and EBITDA, leading it to now exceed full-year profitability forecasts.

"This robust trading performance of the group further underpins the board's confidence in accelerating momentum and maintaining growth moving into the final days of 2021 and into FY-2022," said Equals.

"In order to drive further growth the group continues to re-invest and upgrade the sales functions of the business and this will be reflected in higher staff costs in 2022."

As of 1030 GMT, Equals shares had shot up 13.89% to 71.75p.