Equals Group Shares Jump On Robust Revenue Growth

Equals Group (LON: EQLS) shares jumped Monday morning after the company released a trading update, telling investors that revenue growth “remains robust” despite unfavourable global macroeconomic conditions.

EQLS stock is currently up 3.1% at 96.4p after initially hitting a high of 100p per share. The international payments services firm’s share price has been one of the better performers this year, up 50% in 2022.

Revenue for the 11 months to November 30 came in at £63.5 million, rising 61% year-over-year from £39.5 million, with revenue per day increasing to £0.27 million, the company said.

Solutions revenue made a significant jump during the period, growing 297% year-over-year to £13.9 million from £3.5 million, while other revenue rose 38% to £49.6 million.

Equals told investors that it continues to invest in its connectivity, technology, and product development while strengthening resources in sales, marketing, and compliance to maintain its growth.

“We are extremely pleased to see a 61% increase in our revenues in the 11 months ended 30 November with all segments performing strongly,” commented Equals Chief Executive Ian Strafford-Taylor. “Our revenue growth has continued in the face of difficult macro environments and this augurs well for 2023 and beyond. We continue to invest in people, products and technology to drive our growth strategy and look forward to updating the market in early January with our full year trading statement.”