Shares in Equals Group PLC were up on Tuesday after it said that it expects to outperform full-year market expectations.

Equals is a London-based payments firm serving small and medium enterprises.

Shares in the company were up 9.1% to 85.66 pence each in London on Tuesday morning.

Equals said that revenue in the first half of 2022 was up 84% to £31.1 million from £16.9 million year-on-year. Notably, revenue from its international payments business climbed 64% to £16.1 million from £9.8 million.

Further, it reported that gross profit was up 47% to £15.0 million from £10.2 million last year. Gross profit margins were 48% compared with 51% in the second half of last year, the company added. Cash balance, after earnouts paid in the period of £1.2 million, also rose to £15.1 million, compared to £10.1 million on June 30, 2021.

Equals said that it now expects full-year adjusted earnings before income, tax, depreciation and amortisation to be ahead of current market expectations. The company added that it continues to invest in its product development, customer marketing, front-office staff resources and compliance capabilities.

Chief Executive Ian Strafford-Taylor said: ‘We believe that our revenues are highly ’inflation-resistant’ and that this should be beneficial for the group and our shareholders in the second half of 2022 and beyond.’

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