- International payments services provider Equals reported a rise in revenue in the first half of the year, despite the absence of meaningful travel-related activity.

For the six months ended 30 June 2021, revenue was up 21% to £16.7 million year-on-year.

The move to direct sales towards more sophisticated B2B customers is starting to 'bear fruit for the group with an increase in dealing in forward contracts, which typically yield a higher margin,' the company said.

The number of forward transactions rose by over 200% and the average order size rose from £90,000 to £114,000.

Travel-related activity represented less than 5% of revenue in Q2-2021 compared to 31% in Q3-2019, showing the 'differential between pre Covid levels and therefore the potential for increased travel money revenues as Covid restrictions are relaxed,' the company said.

The company continues to cut costs, with headcount costs of around £0.9 million of base pay per month compared to £0.96 million in June 2020, and £1.2 million in January 2020.

'Given the growth trajectory, we remain highly confident about the revenue prospects for second half of the year,' the company said.

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