- 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.