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Equals Group PLC on Monday said it swung to a profit in 2022 on a revenue climb as it announced it will buy global payments services provider Oonex SA. The London-based payments firm for small and medium enterprises reported a profit swing to £3.4 million in 2022 from a loss of £3.8 million in 2021. Revenue jumped 58% to £69.7 million from £44.1 million. Meanwhile, transaction and commission costs increased 79% to £36.0 million from £20.1 million. The company posted an optimistic outlook for 2023, as revenue in the first quarter of 2023 up to March 24 grew 54% annually to £20.2 million from £13.2 million. Revenue per working day up until that day was 52% higher at £342,000 compared to £225,000. Chief Executive Officer Ian Strafford-Taylor said: ‘Our rapid growth has continued into 2023, which is particularly pleasing when measured on top of the growth achieved in 2022. The group remains entirely focused on achieving further profitable growth, and, with our Q1-2023 results being ahead of expectations, we look forward with much confidence.’ Meanwhile, Equals said it has entered into an agreement to buy Oonex SA, a global payments services provider to the fintech industry for £4.1 million. Equals said the acquisition will allow it to bring its payments, cards and multi-currency account products to a new suite of customers across Europe. ‘Oonex’s ability to issue local IBANs within the Eurozone will significantly expand the addressable market for the group’s platform and products and fits with Equals’ strategy to enable its customers to ’Collect globally, deliver locally, control centrally,’ Equals said. It anticipates that the acquisition will improve its earnings in the medium term. Oonex made a pretax loss of £2.2 million in 2022. Equals shares were 8.9% higher at 88.20 pence each in London on Monday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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