StockMarketWire.com - Payments company Equals said it was cutting costs after it experienced a slowdown on travel cash and retail card revenues in the past week, due to the coronavirus hurting the travel sector.

Equals said it was taking a conservative approach, given the unknown impact of the disease.

The cash conservation and cost reduction plans were in addition to those previously announced earlier this year.

Revenue in the two months through February had risen 33% on-year.

'Whilst corporate revenues are still robust in March to date and account for the majority of revenues, there has been a market slowdown on travel cash and retail card revenues in the last week as COVID-19 has had adversely impacted the travel industry,' Equals said.

Chief executive Ian Strafford-Taylor said the company's travel cash unit was the smallest part of its business and that the company had 'moved quickly to address our cost base accordingly'.


At 1:40pm: [LON:EQLS] share price was -2.75p at 23.5p



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