Equals Group plc (AIM: EQLS) reported on Tuesday its interim financial results 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’s £13.8 million.
The revenue figures increased 23 percent year-over-year, which quarterly number also leaped 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 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 with the pandemic restrictions.
The recent announcement of the company further detailed that the B2B businesses generated £11.6 million in the six months period, while B2C products brought in £5.3 million, both significantly higher than the previous year. This also shows the company’s shifted focus from the retail segment to grow its corporate clientele.
The gross profit came in at £10.2 million, up from £9.6 million and £8.7 million in the previous two year-half, respectively. The adjusted EBITDA was also 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 of exceptional costs.
Apart from the six months’ financials, the company also released its partial numbers for the third quarter, between July 1 and September 10. It already generated £9.2 million in revenue in that period, which is 58 percent higher than Q3 2020. Its new multi-currency product also 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 Equals CEO Ian Strafford-Taylor.
“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-up of our enlarged product suite.”
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