Equals Group PLC - Half-Year Trading Statement
("Equals" or "the Group" or "the Company")
Half-Year Trading Statement
Continued Strong Growth, US market access now live
Equals, the e-banking and payments group, is pleased to provide the market with a trading update for the six-month period ended 30th
The Group has continued to deliver on its strategy in the first half of the year which has resulted in further strong growth. The Group's ongoing investment in technology has led to improvements in Customer Experience (CX) and new products being developed, which will underpin further expansion of the business in the second half on 2019 and beyond. We have also successfully completed our rebranding which reflects the diversification of the business over the last two years.
Turnover* for the first half was up 17.5% year on year to
Growth in the usage of corporate expenses product has accelerated with a 34.7% increase to
International payments turnover increased 14.4% year-on-year to
Travel money turnover (retail cards and travel cash) is down 8.9% for the period at
Banking turnover rose 36.7% to
In addition, the Group has now entered into a contract with
The focus for the second half of 2019 is to continue the Group's strategy of building scale and extracting efficiencies in its supply chain combined with rolling out a series of exciting new products under the new Equals brand.
The strong first half combined with the new product pipeline and successful introduction of the Equals brand gives the Board confidence that the Company will achieve full year market expectations.
"The performance of Equals during the first half of 2019 clearly demonstrates the success of the Group's strategy and its diversified and evolving business model. The wider regulatory permissions we now have both in the
* Turnover is defined as gross value of currency transactions sold plus gross value of deposits into bank accounts.
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Equals is a leading challenger brand in banking and payments that disintermediates the incumbent banks with a superior user experience and low-cost operating model. Our business enables personal and business customers to make easy, low-cost payments both domestically and in a broad range of currencies and across a range of products all via one integrated system. The Equals platform facilitates payments either direct to Bank Accounts or at 35 million merchants and over 1 million ATM's in a broad range of countries globally via Mobile apps, the Internet, SMS, wire transfer and MasterCard/
Equals provides money movement services to both personal and business customers through four channels: Currency Cards, Physical Currency, International Payments and Bank Accounts. The Currency Card and Physical Currency offerings facilitate multiple overseas payments at points of sale and ATM's whereas the International Payments channel supports wire transfer foreign exchange transactions direct to Bank Accounts. For Corporates, Equals has a market-leading business-expenses solution based around its corporate platform and prepaid card. This service can yield significant savings on a Corporate's expenses and procurement both domestically and overseas, through better controls and improved transparency. The platform also streamlines the downstream administrative processes and integrates into accounting software, thus saving costs. Equals offers retail and business bank accounts with all the functionality you would expect from a bank, namely faster payments, BACs, direct debits, international payments and a debit card.
This information is provided by RNS, the news service of the
Quick facts: Equals Group PLC
Market Cap: £77.25 m
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