Equals Group plc (AIM: EQLS) reported its interim financial results on Tuesday for the first six months of 2021, ending June 30. The revenue of the fintech company for the period jumped to £16.9 million compared to last year with £13.8 million.
The revenue figures increased 23 percent year-over-year, which quarterly number also skipped by 11.18 percent. The latest figures include the revenue jump of the first quarter of the year when the company generated £8 million.
Previously known as FairFX, Equals Group revenue stream comes from both B2B and B2C businesses. Its B2B business portfolio, includes International Payments, proprietary Spend platform, Faster Payments and business IBAN products, while retail offerings include travel products. The latter received a big blow due to the pandemic restrictions.
The recent announcement from the company detailed that the B2B businesses generated £11.6 million in the six months period, while B2C products brought in £5.3 million, which were both significantly higher than the previous year. Additionally, this shows the company has shifted focus from the retail segment to grow corporate clientele.
The gross profit came in at £10.2 million, which is up from £9.6 million and £8.7 million for the previous two years, respectively. Moreover, the adjusted EBITDA was strengthened by 128 percent year-over-year to £1.6 million, while the non-adjusted figure stood at £0.8 million with £0.6 million in exceptional costs.
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Apart from the six months’ financials, the company released its partial numbers for the third quarter, between July 1 and September 10. It has already generated £9.2 million in revenue for that period, which is 58 percent higher than Q3 of 2020. Further, its new multi-currency product brought in £1.2 million in revenue.
B2B revenue in this ongoing quarter is already contributing more than 80 percent of the company’s total business.
“The planned pivoting away from retail and travel towards B2B has paid-off spectacularly in H1-2021,” said Ian Strafford-Taylor, the CEO of Equals.
“This trading performance and momentum has sustained since the period end and is being supported by fast-growing revenues amounting to £9.2 million in the period from 1 July to 10 September, making this a record quarter with 14 business days left to run, with numerous new first-rate customers, and strong take-ups of our enlarged product suite.”