Equals Revenue Increases 61%, Shares Reach 3-Month High

The company released revenue figures for the 11 months of 2022.

It forecasts full-year results to exceed analyst consensus.

Equals (AIM:EQLS), a provider of payment solutions to SMEs, published a trading update for the first 11 months of 2022. It ended the period with revenue of £63.5 million, which is a significant 61% increase compared to the £39.5 million reported in the same period a year earlier.

According to Monday's filing, the daily revenue increased to £270,000 per day from £170,000 in 2021. Based on these values, the management board is confident that Equals' full-year results will exceed current market expectations.

The company has continued to invest in technology and product development and has increased its resources in marketing, sales and compliance departments. The revenue category defined as 'Solutions' recorded the most significant year-over-year increase. It grew 297% from £3.5 million in 2021 to £13.9 million in 2022.

"We are extremely pleased to see a 61% increase in our revenues in the 11 months ended November 30, with all segments performing strongly. Our revenue growth has continued in the face of difficult macroeconomic environments, and this augurs well for 2023 and beyond. We continue to invest in people, products, and technology to drive our growth strategy and look forward to updating the market in early January with our full year trading statement," Ian Strafford-Taylor, the Chief Executive Officer of Equals, said.