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Equals Group off to solid start to 2020 despite coronavirus impact

The group is well placed to mitigate the potential impact of COVID-19 on business continuity because of significant investment over the past 18 months

Equals Group PLC -

Equals Group PLC (LON:EQLS), the e-banking and international payments group, said revenues so far in this tumultuous year have held up well.

Group revenues to the end of February 2020 were resilient and 33% higher than the same period last year.

Corporate revenues, which account for the majority of the group’s revenues, have remained robust in March to date but there has been a market slowdown on travel cash and retail card revenues in the last week as the coronavirus outbreak has hit the travel industry.

Travel cash and retail cards account for less than one-fifth of the company’s revenues and together represent the smallest part of the business.

Given the unknown impact of the pandemic, the group is taking a conservative approach and is implementing cash conservation and cost reduction plans across its business, in addition to those previously announced earlier this year.

“As COVID-19 spreads around the world the health and safety of our colleagues and customers is our top priority right now. We have and will continue to follow government advice and have implemented contingency plans to minimise disruption to the group,” said Ian Strafford-Taylor, the chief executive officer of Equals Group.

“Our plans for business continuity are now in full effect. Our sites in London and Chester are functioning as normal, maintaining our exceptionally high levels of encryption and security that meet our customers' needs,” he added.

Shares in Equals were up 0.9% at 26.5p in early deals.

Quick facts: Equals Group PLC

Price: 27.5 GBX

AIM:EQLS
Market: AIM
Market Cap: £49.12 m
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