Equals Group shares soared on Wednesday after the group shared a trading update for the year ended 31 December 2020.
The group’s revenue for 2020 is expected to be around £1m ahead of market expectations at £29m, “reflecting a strong performance in the Group’s B2B products in December 2020.”
Adjusted EBITDA is now expected to be around £1m for the year, which again is ahead of market expectations.
Equals Group has significantly reduced its cost base leading to both cash break-even and an increased cash position of £8m.
Ian Strafford Taylor, CEO of Equals, said: “With the considerable headwinds posed in FY-2020 by Brexit and the ongoing Covid-19 pandemic, for us to deliver revenues only 6% lower than the prior year and materially ahead of expectations, is I believe an excellent achievement of which I am extremely proud.
“The hard work and motivation of our dedicated team of staff, from engineers delivering product, customer facing staff upselling and cross-selling, middle-office staff providing superior customer service, and back-office staff tightly controlling risks, has meant that we have ended the year well and in robust shape, leaving us well positioned for the post Brexit future,” added Taylor.