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Equals highlights strong credentials to bidders

A fast-growing challenger brand in banking and international payments has released an eye-catching trading update and one that highlights its undervaluation
July 3, 2024
  • First-half revenue up a third to £60mn
  • Second-quarter exit revenue run rate up 40 per cent year on year
  • Net cash continues to build
  • Priced on 7.7 times cash profit estimates to enterprise valuation

Aim-traded fintech payments group Equals (EQLS:115p), a fast-growing challenger brand in banking and international payments, has released an eye-catching pre-close trading update.

Revenue continues to grow strongly, up 33 per cent to £60mn in the first half and ahead of the 25 per cent growth rate embedded in consensus full-year forecasts. The larger enterprise solution segment (82 per cent higher revenue of £24.7mn) and international payments (revenue up 18 per cent to £13mn) were key drivers. The second-quarter exit revenue run rate of £32.6mn equated to £527,000 per working day, a 40 per cent increase year on year.

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