The Group's recent trading update on 1 December 2020 noted continuation of positive trading into H2-2020. Since then, the strong performance has continued with revenue for FY-2020 now expected to be around £1.0 million ahead of market expectations at £29.0 million, reflecting a strong performance in the Group’s B2B products in December 2020. Adjusted EBITDA is now expected to be around £1.0 million for FY-2020, which again is comfortably ahead of market expectations*.

As previously announced, the Group has significantly reduced its cost base leading to both cash break-even and an increased cash position of £8.0 million (excluding the £2.0 million drawdown from the Government’s CBILS scheme), which is comfortably ahead of market expectations*. Headcount across the Group now stands at below 260 employees and, as such, is over 25% down from its peak.

The Group’s original focus was in Travel Money. That is no longer the case. Despite the effects of the the Covid-19 pandemic, strong revenues from both Payments and Banking Services underlies this strategic shift, and the Group is increasingly being seen as the payment partner of choice for SMEs allowing them to utilise a variety of payment options to boost their international trade.

The figures in this announcement are unaudited and the Group expects to report its audited financial statements in early April 2021.

Ian Strafford Taylor, CEO of Equals, said: “With the considerable headwinds posed in FY-2020 by Brexit and the ongoing Covid-19 pandemic, for us to deliver revenues only 6% lower than the prior year and materially ahead of expectations, is I believe an excellent achievement of which I am extremely proud. The hard work and motivation of our dedicated team of staff, from engineers delivering product, customer facing staff upselling and cross-selling, middle-office staff providing superior customer service, and back-office staff tightly controlling risks, has meant that we have ended the year well and in robust shape, leaving us well positioned for the post Brexit future.”

* The Group believes that current market expectations for adjusted EBITDA average £0.55 million with net cash averaging £6.75 million for FY-2020.