Equals Group H1 revenues grow YOY

3rd Jul 2024 08:02

(Sharecast News) - Fintech payments group Equals said on Wednesday that interim revenues had improved.

Equals said total revenues came to £60.0m for H1, up more than 30% year-on-year, primarily due to strong performances in its solutions and international payments units. FX revenues also rose modestly, rising from £24.7m in H123 to £25.24m in H124.

"FX revenues, which incorporate both direct and white-label, are partly reliant on market conditions and volatility in rates leading to increased customer activity," said Equals. "After a quiet Q1-2024, we saw a strong pick up in Q2-2024. Overall, FX revenues from B2C customers are subdued given macro-economic conditions whereas B2B revenues are more robust."

The AIM-listed group said revenue per day in rose 36% in Q2 to £527,000 and also reported a solid cash position of £20.5m as of 30 June, with no debt.

As of 1030 BST, Equals shares were down 3.33% at 116.0p.

Reporting by Iain Gilbert at Sharecast.com