Equals (AIM: EQLS) published a trading update on Wednesday for the financial year 2021, reporting an unaudited revenue of £44.1 million, which is an increase of 52 percent from the previous year.
The numbers were dragged higher with consistent performance throughout the year. In the fourth quarter of the year, the company turned over £15.3 million in revenue, which is 28.6 percent higher than the prior quarter and 96 percent up from the same quarter of the previous year.
The impressive annual numbers of the company did not come as a surprise as it already showcased the trend last month in a partial yearly update.
Equals, which offers fintech payments services to the SME marketplace, expanded its offerings last year that performed well. Revenue from the Solutions product stream that was introduced in May 2021 came in at £3.5 million.
Though the company took a massive hit in its services from the effects of the pandemic, it repositioned its focus from retail services towards B2B solutions, which turned out to be a massive success. Its travel cash and personal pre-paid debit cards brought in only 5 percent of Q4 revenue.
“Our repositioning as a B2B focused fintech off the back of our technology and product developments has differentiated us from our peers. We are now monetizing these capabilities, as can be clearly seen by the rapid rise in our revenues,” said Ian Strafford-Taylor, the Chief Executive Officer of Equals.
Enhancing Infrastructure
Additionally, the company highlighted that it will continue to invest between 20 to 25 percent of its headcount costs in enhancing technology and product development in fiscal 2022. However, it will take these investments below 20 percent by the next fiscal year.
The CEO added: “Without the need for additional investment capital, we are able to grow revenues, profit and cash balances whilst continuing to invest in further product developments. Accordingly, we are extremely excited and confident in the future of the Group.”
Equals (AIM: EQLS) published a trading update on Wednesday for the financial year 2021, reporting an unaudited revenue of £44.1 million, which is an increase of 52 percent from the previous year.
The numbers were dragged higher with consistent performance throughout the year. In the fourth quarter of the year, the company turned over £15.3 million in revenue, which is 28.6 percent higher than the prior quarter and 96 percent up from the same quarter of the previous year.
The impressive annual numbers of the company did not come as a surprise as it already showcased the trend last month in a partial yearly update.
Equals, which offers fintech payments services to the SME marketplace, expanded its offerings last year that performed well. Revenue from the Solutions product stream that was introduced in May 2021 came in at £3.5 million.
Though the company took a massive hit in its services from the effects of the pandemic, it repositioned its focus from retail services towards B2B solutions, which turned out to be a massive success. Its travel cash and personal pre-paid debit cards brought in only 5 percent of Q4 revenue.
“Our repositioning as a B2B focused fintech off the back of our technology and product developments has differentiated us from our peers. We are now monetizing these capabilities, as can be clearly seen by the rapid rise in our revenues,” said Ian Strafford-Taylor, the Chief Executive Officer of Equals.
Enhancing Infrastructure
Additionally, the company highlighted that it will continue to invest between 20 to 25 percent of its headcount costs in enhancing technology and product development in fi
scal 2022. However, it will take these investments below 20 percent by the next fiscal year.
The CEO added: “Without the need for additional investment capital, we are able to grow revenues, profit and cash balances whilst continuing to invest in further product developments. Accordingly, we are extremely excited and confident in the future of the Group.”
