Equals Ends H1 2022 with £0.8 Million in Net Profits

Equals (AIM: EQLS), a provider of payment solutions to SMEs, published its interim results for the first six months of 2022. It ended the period with an after tax-profit of £0.8 million, recovering from a loss of £1.2 million in the similar period of the previous year.

The adjusted EBITDA of the company also jumped by 203 percent to reach £4.9 million. The basic earning per share at the end of the period came in at £0.38, pivoting from a negative £0.7 in H1 2021.

“This is an outstanding set of results with record revenue and EBITDA cementing our extremely successful transition into cash generation and, ultimately, a return to the first statutory profit since 2018,” said Ian Strafford-Taylor, CEO of Equals Group plc.

“It also reflects the three-year investment cycle into platform, connectivity Connectivity Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collection. Today, financial institutions are often completely dependent on technology and data. This is more important than ever to improve, make transfers, lend, invest, and receive payments. Digital and mobile banking services also increase the level of customer convenience and accessibility. 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In this scenario, brokers can source liquidity from a single or multiple source, thereby delivering to their clients enough market depth for their orders to get filled. The main characteristic of liquidity is its depth, which will determine how quickly and how big of an order can be executed via the trading platform. Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collection. Today, financial institutions are often completely dependent on technology and data. 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Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others. Read this Term which, alongside our operational pivot towards corporate customers, has enabled the business to go from strength to strength.”

In an earlier trading update, the company already revealed other key performance metrics. Between January and June, it generated £31.4 million in revenue, which was 86 percent higher than the previous year. It was a record revenue brought in by the company.

The gross profit jumped 44 percent to £14.9 million, while the operating profit ended up at £1.1 million, compared to a loss of £2.2 million in the previous year.

Q3 Performance

The company already brought in £13.3 million in revenue between 1 July 2022 to 5 September 2022, which is a yearly increase of 55 percent.

“Trading in Q3-2022 has continued to be robust, despite global economic uncertainty and inflationary pressures, with strong growth over the same period last year. We continue to see an increase in fee-based revenues to complement our transactional and FX revenues, which is part of our overall strategy for diversifying and de-risking our earnings streams,” said Strafford-Taylor.

“Based on these strong results and our current trading performance, we look to the future with increased confidence and remain in line with expectations for the full year.”