- Payments company Equals swung to a loss as higher operating costs and weakness in its business to consumer segment weighed on performance.

For the year ended 31 December 2019, the company reported a pre-tax loss of £8m compared with a profit of £1.77m on-year as revenue increased 19% to £31m.

Operating expenses jumped to £28.3m from $15.8m.

Business-to-consumer (B2C) revenue fell 18.1% to £13.6m.

'B2C travel money products particularly hard hit by the pandemic. (The) impact started in late March, was most acute in April and slowly improving in May and June,' the company said.

Looking ahead, the company said it was 'optimistic' about its outlook.

'Revenue streams in both the B2B segment and retail banking appear robust after the expected reduction in late March and April 2020,' the company said.

Revenue per day rose to £103.4k in the first quarter from £72k last year, while June 2020 revenues per day have averaged £113k, up from £111k per day, despite the Covid-19 impact.

At 9:23am: [LON:EQLS] share price was -6p at 27.75p

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