Equals Group PLC: Annual Report 2019.pdf

- About Equals: A leading challenger brand in banking and payments, offering easy, low-cost payments domestically and internationally via one integrated system. Services include International Payments, Corporate Expenses, Bank Accounts, and Travel Money.

- Name Change: FairFX Group PLC changed its name to Equals Group PLC on June 26, 2019.

- Financial Summary (£ millions):
- Turnover: B2B £1,182 (+75.9%), B2C £2,887 (+21.8%), Total £4,069 (+29.7%)
- Revenue: B2B £13.6 (+82.1%), B2C £17.3 (+18.4%), Total £30.9 (+18.4%)
- Gross Profits: £20.6 (+17.7%), Gross Margin: 67%
- Adjusted EBITDA: £9.1 (+21.3%)
- Loss after Taxation: £5.4 (vs £2.6 in 2018)

- Key Highlights:
- Group revenues increased by 18.4% and doubled over two years.
- Organic profit growth of 13% overall, with 20% growth in international payments.
- B2B revenue mix improved to 56% (from 36% in 2018).
- Successfully integrated two accretive acquisitions: Hermex and Casco.
- Raised additional capital of £15.7 million.
- Received R&D credits of £1.1 million and has £2.3 million receivable.
- Rebranded from FairFX to Equals Group.
- Achieved membership in UK Faster Payments scheme, RTGS accounts with the Bank of England, and a Credit Broking licence from the FCA.
- Negotiated a five-year extended deal with Mastercard.

- Directors and Advisors:
- John Pearson: Chairman (until June 2020), Non-Executive Director
- Alan Hughes: Non-Executive Director (appointed March 2020), Chairman (from July 2020)
- Ian Strafford-Taylor: Chief Executive Officer
- Richard Cooper: Chief Finance Officer
- Robert Head: Non-Executive Director, Chairman of Audit and Remuneration Committees
- Ajay Chowdhury: Non-Executive Director