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Equals brings in finance director to help manage expansion plans

" This is a newly-created Executive Board position and reflects both the expansion of the Group and the ambitious plans for the future,"

Equals Group Plc -
New FD was heavily involved in GVC's growth

Equals PLC (LON:EQLS) followed up a five-year deal signed with Mastercard yesterday with good sales over the first half of the year.

Revenues at the small business-focused payment services provider rose by 22% to £14.6mln, with underlying profits 15% higher at £3.3mln.

The payments group also unveiled Richard Cooper as finance director.

"This is a newly-created executive board position and reflects both the expansion of the Group and the ambitious plans for the future," said Equals.

Cooper was CFO of gaming giant GVC from 2008 to 2017 and a key part of its acquisitions programme.

Ian Strafford-Taylor, chief executive, said Equals would benefit from Cooper's extensive experience in growing public companies 'at a time where we seek to expand through a combination of acquisitions and organic growth'.

Strafford-Taylor added it had been an excellent first six months and this performance had continued into the second half.

Rationalising its suppliers, by issuing its own payment cards for example, and broadening its product range had helped boost margins.

"With the steps we have achieved already and new revenue streams coming in during the rest of the year, the outlook for the group's full financial year remains positive.”

Gross turnover, which is the combined value of currency transactions and deposits at its bank accounts, rose 18% to £1.26bn.

Over the remainder of the year, Equals will see the benefit of an agreement with Citibank that gives access to the 135 currencies available on the US bank’s WorldLink platform.

An online revolving credit facility is currently in live beta testing in partnership with Iwoca.

Equals raised £14.3mln in August to speed up its development programme.

Quick facts: Equals Group Plc

Price: 84.8 GBX

AIM:EQLS
Market: AIM
Market Cap: £151.09 m
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