Revolut releases delayed 2022 results, says audit issues resolved

Fintech Revolut has finally released its annual results for 2022 after auditors BDO said they had "resolved" concerns about the historic misstating of revenues.

The company, which is currently applying for a UK banking licence, came under fire in March after BDO said that revenues for 2021 "may be materially misstated".

For the 2022 accounts, which were originally due to be published in September, BDO said it had "been able to obtain sufficient appropriate audit evidence in respect of the relevant balances".

Revolut said it was now in a position to return to a regular reporting schedule after fixing some of the IT issues that had disrupted BDO's ability to do a proper audit the year before.

Revenues surged by 45% to £923m as interest income soared on the back of higher interest rates, while monthly transactions jumped 71% to 341m and retail customer numbers increased 60% to 26.2m.

But admin expenses jumped by 76% to £667m as staff numbers more than doubled to just short of 6,000, with the company reporting a pre-tax loss of £25.4m in 2022, after a pre-tax profit of £40m in 2021.

Customer numbers have now exceeded 35m in 2023 and chief executive and co-founder Nik Storonsky said the company plans to "10x this in the future".

"2022 was another great year in terms of financial performance, customer growth, new product launches, expansion into new markets, and for the continued strengthening of our risk, compliance and governance infrastructure," said Storonsky in a statement dated 19 December.

"Looking ahead, our focus is on continued growth across all our markets. We remain committed to our ongoing UK banking licence application in addition to bringing the Revolut app to new markets and customers around the world."