Total revenue reached £44.1 million, compared to £29.0 million in FY20.
The gross profits also increased by 31% during the reported period.
Equals gross profits reached £24 million in FY21, which is an increase of 31% compared to £18.3 million in FY20. Adjusted EBITDA climbed to £6.7 million, compared to £1.1 million in the previous year. In addition, Equals witnessed strong growth in cash generation as the year-end cash climbed 31% to £13.1 million in FY21.
“We ended 2021 in a very strong position, both financially and operationally. The surge in our reported revenue and EBITDA speaks to a successful repositioning of our model to focus on B2B and away from legacy travel operations. This process began in 2020, put us on the front foot for 2021, and we are now progressing into 2022 with sustained confidence,” Ian Strafford-Taylor, the CEO of Equals Group PLC, commented on the financial results.
In the reported period, Equals Group witnessed a substantial jump in transaction values across FX, Banking and the Solutions platform.
Q1 2022
Additionally, Equals Group released an update on trading for the period from 1 January 2022 to 28 March 2022. During the recent period, the companys revenue reached £13.6 million with strong performance across all sectors.
“Our product set is being adopted by existing and new customers at a faster rate than we anticipated and that has allowed us to more quickly develop and roll out new functionality to a broader range of customers. We are making excellent progress in the early stages of 2022 with rapid growth continuing while we navigate the geopolitical backdrop. We remain highly confident for our prospects both in 2022 and beyond,” Strafford-Taylor added in the announcement.
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