London-based payments firm, Equals Group PLC has announced a substantial increase in revenue. The company noted that its shares rose by 10% on Wednesday, and its overall revenue has significantly exceeded full-year trading expectations, even before the end of the year.
Equals said its revenue has more than doubled, going from £5.7 million to £11.6 million from the first day of October to this week.
The company also noted that revenues for the year have increased from £26.8 million a year ago to £40.4 million, representing a 51% increase in revenue year-over-year (YoY).
The Surge Was Driven By Strong Market Demand
Equals admitted that the rapid increase in its revenue is a result of increased demand for its new multi-currency product that targets larger businesses. According to the firm, the sector has generated £3.1 million in the year-to-date and £1.2 million from October to the first week of December.
The company has also pointed out a significant growth in its white-label business and spend platform for the increase in revenue.
The firm’s business-to-client travel money products only generated 5% of the entire revenue from October to early December.
Equals also stated that the improved performance in revenue has led to increased earnings before tax, as well as amortization and depreciation.
Equals Group Set To Reinvest And Expand Operations
Ian Strafford, Equals Group’s Chief Executive Officer, commented that the strong performance it witnessed in September and October has allowed the firm to surpass its market expectations for the full year
It shows the results of the strategic steps the firm took three years ago to change the focus of its operations to a business-to-business focus, and invest in its connectivity and platforms.
Non-travel-related revenues rose sharply in 2021, according to the report. Also, travel-related revenues rose significantly between January 1 and December 6, 2021. Equals group says it recorded consistent revenue growth throughout the year.
The company has also pledged to reinvest into its business and upgrade its platform to meet the expanding needs of customers.
The group said it will consolidate on the already impressive performance for the year and expand its operations in the coming year.