TIDMEQLS
RNS Number : 6372L
Equals Group PLC
14 September 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR")
14 September 2021
Equals Group plc
('Equals' or the 'Group')
Interim Results
Strong B2B growth underpins strategic move from both retail and
travel FX.
Adjusted EBITDA significantly ahead of expectations and
operationally cash generative.
Equals (AIM: EQLS) , the fintech payments group focused on the
SME marketplace, announces its interim results for the six months
ended 30 June 2021 (the 'period' or 'H1-2021').
H1-2021 Financial Highlights
GBPmillions H1-2021 H1-2020 H2-2020
Underlying transaction values 2,308 1,560 1,933
- B2B 1,996 1,209 1,633
- B2C 312 351 299
Revenue 16.9 13.8 15.2
- B2B 11.6 9.2 11.0
- B2C 5.3 4.6 4.2
Gross profit 10.2 8.7 9.6
Adjusted EBITDA* 1.6 0.7 0.5
Operational cash in/(out) flows 0.8 (2.8) 0.4
Cash at bank 10.1 7.9 10.0
Totals may not sum due to rounding. Percentages are calculated
on underlying figures before rounding. Where costs cannot be
accurately attributed to each segment, they have been allocated on
the basis of revenue.
* Group revenue increased by 23% to GBP16.9 million
(H1-2020: GBP13.8 million)
* B2B revenue increased YoY by 25% to GBP11.6 million
as the Group continued its focus on SMEs
* B2B in Q3-2021 represents over 80% of total revenue
up from 67% in H1-2020
* Gross profit increased by 17% to 10.2 million,
broadly reflecting the YoY increase in revenue
* Contribution increased by 24% to GBP9.8 million
(H1-2020: GBP7.9 million), and contribution margin
consistent at 58%
* Gross operating expenditure lower by 14% on H2-2020
through strategic tight control of costs
* Adjusted EBITDA(*) increased by 128% to GBP1.6
million (H1-2020: GBP0.7 million)
* Non-Adjusted EBITDA of GBP0.8 million with GBP0.6
million of exceptional costs (H1-2020: GBP0.5 million
loss with GBP1.0 million of exceptional costs).
Post period-end trading update ('Q3-2021' 1 July 2021 to 10
September 2021)
-- Revenues of GBP9.2 million up 58% from GBP5.8 million on same period last year
-- Q3-2021 - already a record quarter with 14 business days remaining
-- B2B revenues continue to drive growth - now greater than 80% of overall book
-- Equals Solutions, the new multicurrency product aimed at
larger businesses, contributed GBP1.2 million of revenue, or 13% of
total, in Q3-2021 to date
-- GBP12.3 million of Cash at bank and in hand with net
liquidity of GBP10.2 million as at 10 September 2021.
Commenting on the Interim Results, Ian Strafford-Taylor, CEO of
Equals Group plc, said: "The planned pivoting away from retail and
travel towards B2B has paid-off spectacularly in H1-2021. This
trading performance and momentum has sustained since the period end
and is being supported by fast growing revenues amounting to GBP9.2
million in the period from 1 July to 10 September, making this a
record quarter with 14 business days left to run, with numerous new
first-rate customers, and strong take-up of our enlarged product
suite. Whilst, like other businesses we have seen market-forces led
cost pressures, particularly in staff and IT, we have contained
these robustly, sought further efficiencies and have grown revenue
at a much faster pace.
"Equals finds itself with a unique position in the FinTech
sector as, not only are we generating operational cash, but we
remain very well-funded for both re-investment in product and
marketing to drive further profitable revenue growth."
Analyst meeting
A conference call for analysts hosted by Ian Strafford-Taylor
(CEO) and Richard Cooper (CFO) will be held today at 0930am. A copy
of the Interim Results presentation is available at the Group's
website: http://www.equalsplc.com .
For retail investors, a n audio webcast of the conference call
with analysts will be available after 12pm today:
https://webcasting.buchanan.uk.com/broadcast/6114eb77c97de6636c2d8e9d
Notes
* Adjusted EBITDA is defined as operating profit before:
depreciation, amortisation, impairment charges and share option
charges and items of an exceptional nature. EBITDA is defined as
operating profit before depreciation and amortisation.
- Ends -
For more information, please contact:
Equals Group plc
Ian Strafford-Taylor, CEO Tel: +44 (0) 20 7778
Richard Cooper, CFO 9308
www.equalsplc.com
Canaccord Genuity (Broker)
Bobbie Hilliam Tel: +44 (0) 20 7523
Alex Aylen (Sales) 8150
Buchanan (Financial Communications)
Henry Harrison-Topham / Steph Whitmore Tel: +44 (0) 20 7466
/ Toto Berger 5000
equals@buchanan.uk.com www.buchanan.uk.com
Chief Executive Officer's Report
The results for H1-2021 clearly demonstrate the success of the
pivot of the Group from a B2C travel money business to a B2B
focused operation. Recent years have seen significant investments
into both the technology platforms and direct connectivity to
payments networks. These initiatives form the essential
building-blocks to move the Group from being product-led towards
being more platform-led, with aim of providing simple-to-use
solutions to the corporate sector. As evidenced by this set of
results, the pay-back from these investments is now coming through
and, encouragingly, is even more visible in the post period
trading.
The investments made have allowed the Group to develop the
capability for all customers to have a multi-currency account in
their name defined by a unique IBAN; this being an internationally
recognised standard to define an account. This capability underpins
the Equals Money proposition for a range of products on one
platform with simplicity of movement of money between products,
targeted at the SME sector. In addition, the same infrastructure
drives the Equals Solutions product which is aimed at larger
corporates with significant international flows and high
transaction volumes. Equals Solutions comprises a multi-currency
account for collections and payments connected to SWIFT,
International Payments platforms and UK domestic networks providing
FX and payment capabilities combined with multiple levels approval
protocols, all via one platform and login. Equals Solutions came on
stream in June 2021 and is now contributing strongly in the third
quarter, as can be seen in the post period end figures.
The 'own-name' multi-currency IBAN capability will drive
sustainable and recurring platform-related revenues and growth
through both Equals Money and Equals Solutions and thereby provide
further growth to the individual product lines of International
Payments, Cards and Banking services. The revenues from these
platforms are both transactional and fee-based, thereby improving
the earnings mix. Continual improvements to the functionality of
the overall payment platform and direct connectivity to additional
payments networks furthers the capabilities of the platform.
Concurrently, more straight-through-processing ('STP') capabilities
are being added which increases efficiency and processing capacity.
The Group will also be enhancing the alignment of its service
levels to its pricing and revenue generation and moving more
transactions towards customer 'self-serve' where appropriate,
further enhancing capacity and thereby operational gearing.
Operational improvements made by the Group in H1-2021
include:
- Significantly enhanced International Payments platform for
self-serve customers 'Pay Platform'
- New internal dealing platform for International Payments - 'Exchange Platform'
- Continued roll-out of HubSpot CRM system aided by 'Sales Enablement' team
- New Equals Money website to better convert inbound B2B traffic
- STP for onboarding for both B2B and B2C customers via TruNarrative platform
- Joining the 'Confirmation of Payee' scheme for UK Payments
- Launch of 'Linked Cards' for FairFX B2C cards platform
- Implementation of automated reconciliations utilising
Kani-payments platform, resulting in operational efficiencies and
reducing credit risk
- Further upgrades to our compliance capabilities and personnel,
enabling faster onboarding of new customers
Financial Overview for H1-2021
A summary of the Group's underlying transaction values is shown
below:
Underlying transaction values
GBPmillions International Corporate Cash & retail Banking Total
Payments Expenses cards Services
B2B
H1-2021 1,355 149 2 490 1,996
H1-2020 818 93 12 286 1,209
% Change on year 66% 60% (83)% 71% 65%
B2C
H1-2021 228 - 4 80 312
H1-2020 237 - 36 78 351
% change on year (4)% - (89)% 3% (11)%
TOTALS
H1-2021 1,583 149 6 570 2,308
H1-2020 1,055 93 48 364 1,560
% change on year 50% 60% (88)% 57% 48%
Overall transaction values were up 48% on H1-2020, driven by a
65% increase in the B2B sector as more customers were on boarded
and more products were offered. Unsurprisingly, B2C volumes
remained subdued due to travel impediments caused by the Covid-19
pandemic.
Revenues
GBP000s International Corporate Cash Banking Rebates Total
Payments Expenses & retail Services and other
cards income
H1-2021
B2B 7,849 2,132 33 1,493 72 11,579
B2C 2,275 - 1,409 1,366 276 5,326
-------------- ---------- ---------- ---------- ----------- -------
H1-2021 10,124 2,132 1,442 2,859 348 16,905
-------------- ---------- ---------- ---------- ----------- -------
B2B mix 78% 100% 2% 52% 21% *68%
H1-2020
B2B 6,242 1,310 230 1,282 177 9,241
B2C 1,991 - 1,229 1,222 89 4,531
-------------- ---------- ---------- ---------- ----------- -------
H1-2020 8,233 1,310 1,459 2,504 266 13,772
-------------- ---------- ---------- ---------- ----------- -------
B2B mix 76% 100% 16% 51% 67% 67%
% change on
year
B2B 26% 63% (86)% 16% (59)% 25%
B2C 14% - 15% 12% 210% 18%
-------------- ---------- ---------- ---------- ----------- -------
Aggregate 23% 63% (1)% 14% 31% 23%
-------------- ---------- ---------- ---------- ----------- -------
*Excluding fee sweeps in retail cards, underlying B2B:B2C
revenue mix was 72%:28%
H1-2021 showed strong B2B growth in transaction volumes and
revenues across all product lines of International Payments, the
Corporate Spend platform and Banking Services. This growth has
accelerated in July, August and September 2021 as the benefits of
the own-name IBAN capabilities are feeding through to Equals
Solutions. In contrast, whilst B2C volumes and revenues contracted
somewhat, this was against the background of lockdown conditions
where Q1-2020 was not affected in the same way.
For H1-2021 in more detail:
Group turnover - representing the quantum of underlying
transactions through its platforms, grew by 48% overall and by 65%
in the B2B segment.
Group revenues - GBP16.9 million up 23% (H1-2020: GBP13.8
million) and within that, the B2B segment grew by 25%. As Covid-19
travel impediments begin to ease, there remains considerable
upside, for example in H1-2019, over GBP6.8 million revenue was
earned at an aggregate margin of just over 50%.
When expressed as revenue over turnover, the Group's margin
averaged 73 basis points ('bps') against 88 bps in H1-2020. The
Board is comfortable with this change, as it had already
anticipated the product shift would increase turnover but at a
lower margin. This was more evidenced in Banking Services where the
aggregate return reduced to 50 bps from 69 bps in H1-2020.
The Equals Spend B2B expense platform, whose customers are
corporates, continues to recover strongly from the impact of the
pandemic with revenues 63% higher than H1-2020 and 21% higher than
H2-2020.
Gross profit - at GBP10.2 million was up 17% (H1-2020: GBP8.7
million).
Contribution - (gross profits less marketing expenditure) rose
by 24% to GBP9.8 million (H1-2020: GBP7.9 million).
Operating expenditure above adjusted EBITDA was GBP8.2 million,
5% lower than H2-2020 (H2-2020: GBP8.7 million) reflecting the
continued cost reduction programme, but 13% higher than the
'furlough-subsidised' H1-2020 (H1-2020: GBP7.3 million).
Current Developments
The trading period post H1-2021 to-date has shown further
acceleration in revenues with B2B again the driving force and all
product lines moving forward strongly. Equals Solutions, which
produced GBP0.3 million of revenues in H1-2021 has contributed
GBP1.2 million in the post H1-2021 period and is primed to grow
further as the Group has a strong customer pipeline.
H2-2021 is anticipated to continue in the same strategic
direction as the first half with continued investments, (albeit at
much lower levels than the peak in 2019), in the technology
platform and connectivity to payments networks focussed on the B2B
customer. This will be augmented by increased resources applied to
sales and marketing to drive new customers on to the platform and
products.
Key functionality and platform enhancements are planned for both
Equals Money and Equals Solutions as well as the underlying
products of Payments, Cards and Banking Services. Operational
improvements towards full STP will also be delivered, increasing
efficiency, and creating more capacity.
Future plans and opportunities
The strategic direction of the Group remains clearly focussed on
the B2B customer segment with Equals Money being targeted at the
SME base and Equals Solutions at the larger corporate
opportunities. The growth potential, now that we have assembled the
core capabilities of own-name IBAN and bank-grade connectivity and
clearance, is extremely strong due to the complexity and time
required to replicate our capabilities.
The Group will continue to look for growth opportunities and can
do so with a strong balance sheet and cash position. The Group will
examine overseas expansion beyond its current predominantly
UK-centric customer base and will also consider further acquisition
opportunities.
Board composition, senior executive changes and employees
On 9 April 2021 the Board was strengthened by the appointment of
Christopher Bones as a Non-Executive Director of the Company and
new Chair of the Remuneration Committee. Three senior members of
the executive team left the Group during the period and I thank
them for their time whilst at Equals. The Group took on a leading
Head of Compliance to complement the already strong operational
team, and the CFO, Richard Cooper, recruited a new deputy to enable
him to work even more closely with myself on corporate
opportunities.
The Group's employees continue to be its greatest strength. The
loyalty, commitment, and hard work the Group has seen in 2020 and
now in 2021 has been tremendous and deserves to be acknowledged. I
would like to take this opportunity to personally thank every
colleague for everything they have done for the Company. We are
proud to train and promote from within as well as seeking fresh
talent from elsewhere.
Whilst the Group continues to seek efficiencies and has a strong
cost-control culture, the Board intends to invest these gains in
further capacity for growth rather than reductions in staff
numbers. This in turn will benefit investors as Equals will have
strong operational gearing as it grows, with its cost base
increasing at a lower rate than transactions and revenues.
The labour market in the UK, particularly in the fintech space,
is extremely competitive and the Group is actively implementing
enhanced employee retention measures including share ownership and
LTIP schemes.
Equals wholeheartedly embraces ESG initiatives and takes
Equality, Diversity and Inclusivity (EDI) extremely seriously. Our
EDI strategy, which covers not only employees but also customers,
includes an internal EDI network populated with elected
representatives and regular employee surveys and this is a key
objective for all Executive Committee members and forms part of
their appraisal.
Outlook
Equals has a strong outlook as a consequence of the investments
it has made in preceding years to create a payments platform
comprising International and Domestic Payments, Card Payments and
Banking Services underpinned by exceptional technology and direct
connections to multiple payment networks and we look forward to the
future with confidence.
Ian Strafford-Taylor
Chief Executive Officer
14 September 2021
Chief Financial Officer's Report
The Group continues to present extracts from the primary
statements in an alternative format and explain the major movements
to the prior periods or year along with issues of accounting impact
and judgement. The periods most relevant to the primary statements
have been presented. Full period disclosures are made in the
Consolidated Interim Financial Statements. The report is in three
sections:
A - Income and Expenditure Account
B - Balance Sheet
C - Cash Flow
Transactions with business customers are reported as 'B2B' and
transactions with retail customers reported as 'B2C'.
Totals may not sum due to rounding. Percentages are calculating
on underlying figures before rounding. Where costs cannot be
accurately attributed to each segment, they have been allocated on
the basis of revenue.
A: Income and Expenditure account and notes
The table presented here shows both the underlying expenditure
and that which is reported in the Income and Expenditure account.
For example, staff costs are shown both gross and net of software
capitalised.
Table 1: Income and Expenditure account
GBP000's H1-2021 H1-2020 H2-2020 FY-2020
Revenue 16,905 13,772 15,188 28,960
Less: Variable costs (6,685) (5,034) (5,636) (10,670)
-------- -------- -------- ---------
Gross profit 10,220 8,738 9,552 18,290
Marketing costs (392) (799) (407) (1,206)
Contribution 9,828 7,939 9,145 17,084
-------- -------- -------- ---------
Other operating costs
Staff costs incurred (7,943) (8,366) (9,159) (17,525)
Furlough credit 34 324 222 546
-------- -------- -------- ---------
Net staff costs incurred (7,909) (8,042) (8,937) (16,979)
Separately reported items (table
4) 613 343 990 1,333
Acquisition costs - - 83 83
Capitalised internal software 1,191 2,241 1,761 4,002
-------- -------- -------- ---------
Net staff costs (6,105) (5,458) (6,103) (11,561)
-------- -------- -------- ---------
Property & office costs incurred (1,076) (997) (1,104) (2,101)
Capitalised internal software - 45 - 45
IFRS16 adjustment 586 515 548 1,063
-------- -------- -------- ---------
Net property & office costs (490) (437) (556) (993)
-------- -------- -------- ---------
IT & telephone costs incurred (1,022) (759) (959) (1,718)
Capitalised internal software 148 210 209 419
-------- -------- -------- ---------
Net IT & telephone costs (874) (549) (750) (1,299)
-------- -------- -------- ---------
Professional fees incurred (712) (743) (949) (1,692)
Acquisition costs - - 48 48
Separately reported items 3 102 114 216
-------- -------- -------- ---------
Net professional fees (709) (641) (788) (1,429)
-------- -------- -------- ---------
Travel (50) (157) (76) (233)
Bad debt provisions - - (357) (357)
Other costs (1) (25) (23) (48)
Net other operating costs (8,229) (7,267) (8,653) (15,920)
-------- -------- -------- ---------
Adjusted EBITDA* 1,599 672 492 1,164
-------- -------- -------- ---------
Separately reported items:
Senior management restructuring (616) - - -
Covid-19 related costs - (445) (1,119) (1,564)
Wirecard related costs - (530) (540) (1,070)
Separately reported items (616) (975) (1,659) (2,634)
------ ------ -------- --------
Acquisition costs - - (130) (130)
Share option charges (217) (195) (249) (444)
EBITDA 766 (498) (1,546) (2,044)
------ ------ -------- --------
* Adjusted EBITDA and EBITDA
Adjusted EBITDA is defined as operating profit before:
depreciation, amortisation, impairment charges, share option
charges and items of an exceptional nature. EBITDA is defined as
operating profit before depreciation and amortisation.
Revenue
Revenues have already been analysed and explained in the CEO
report and it is not proposed to repeat the analysis here. It is
however worth noting some split within international payments:
Table 2: International Payments - spot and forward transaction
analysis
GBPmillions Spot Forward Total
H1-2021 Transaction values 1,174 405 1,579
% mix 74% 26%
Revenue 6.0 4.1 10.1
% mix 59% 41%
H1-2020 Transaction values 766 297 1,063
% mix 72% 28%
Revenue 5.7 2.6 8.3
% mix 69% 31%
% change Transaction values 53% 36% 49%
Revenue 4% 58% 20%
The rise in both the percentage of the total revenue from
forward FX deals and the absolute rise in such revenue is
attributable to a commercial drive for more B2B business and the
high-quality of our dealing offer for SMEs.
Gross costs
Costs (including capital expenditure, exceptional items and
before any furlough subsidies, but excluding marketing costs), were
GBP10.8 million, 2% lower than H1-2020 (H1-2020: GBP11.0. million)
and 14% lower than H2-2020 (H2-2020: GBP12.6 million).
Table 3: Gross costs
GBP000's H1-2021 H1-2020 H2-2020 FY-2020
Staff 7,943 8,366 9,159 17,525
Property 1,076 997 1,104 2,101
IT & telephone 1,022 759 959 1,718
Professional fees 712 743 949 1,692
Other costs 51 182 456 638
-------- -------- -------- --------
10,804 11,047 12,627 23,674
-------- -------- -------- --------
Staff costs
Gross staff costs were GBP7.9 million in H1-2021 against GBP8.4
million in H1-2020, and GBP9.2 million in H2-2020. These costs were
offset by:
- Capitalised software: GBP1.2 million (H1-2020: GBP2.2 million,
H2-2020: GBP1.8 million)
- Exceptional costs: GBP0.6 million (H1-2020: 0.3 million, H2-2020: GBP1.0 million)
- Acquisition costs: GBPnil (H1-2020: GBPnil, H2-2020: GBP0.1 million)
Costs in H1-2020 included salary cost savings after employees
and directors agreed to temporary salary cuts at the height of the
pandemic. The reduction in costs in H1-2021 is largely a result of
controlled headcount reductions in 2020 continuing into 2021, as
development staff cost spend decreased and more product was
rolled-out.
Amounts capitalised have significantly reduced to GBP1.2 million
representing 15% of gross staff costs, (H1-2020: 27%) as the Group
investment strategy matures and moves to a focus on new and
enhanced product design.
Headcount numbers have fallen from 314 as at 30 June 2020 to 258
as at 30 June 2021 and 248 at 31 August 2021. It is anticipated
that these numbers will rise by around 5% within H2-2021.
Professional fees
Professional fees have remained broadly consistent on H1-2020 at
GBP0.7 million (H1-2020: GBP0.7 million), and include considerable
investment in regulatory compliance initiatives to provide
additional control assurance to customers and the Group.
Property and office costs
The Group has property commitments in London for both offices
and retail outlets. The Group has reduced its London office space
in H1-2021 with a net gain of GBP16k on termination of lease
contracts, and is reviewing its remaining commitments
Separately reported items
Separately reported items are large, non-recurring items
identified by management.
Table 4: Separately reported items
GBP000's H1-2021 H1-2020 H2-2020 FY-2020
Senior management restructuring 616 - - -
COVID-19 - 445 1,119 1,564
Wirecard - - 418 418
Cash based costs 616 445 1,537 1,982
-------- -------- -------- --------
Provisions and write-offs
Wirecard card stocks written
off - 530 122 652
616 975 1,659 2,634
-------- -------- -------- --------
The Group structure has been flattened and this led to a number
of senior staff departing the business. The settlement costs,
notice periods and associated legal expenses are reflected above.
There were no other separately reported items in the period.
Adjusted EBITDA
Adjusted EBITDA for the period was a profit of GBP1.6 million
(H1-2020: GBP0.7 million), an increase of GBP0.9 million arising
from the increase in gross profit for the period.
Table 5a: Reconciliation of adjusted EBITDA to loss before tax
H1-2021
GBP000's Adjusted Separately Share Result
EBITDA reported options before
items tax
Revenue 16,905 - - 16,905
Direct costs (6,685) - - (6,685)
--------- ----------- --------- --------
Gross profits 10,220 - - 10,220
Marketing (392) - - (392)
--------- ----------- --------- --------
Contribution 9,828 - - 9,828
Staff costs (6,105) (613) (217) (6,935)
Property (490) - - (490)
IT and Telephone (874) - - (874)
Professional fees (709) (3) - (712)
Travel and subsidence (50) - - (50)
Other expenditure (1) - - (1)
--------- ----------- --------- --------
1,599 (616) (217) 766
--------- ----------- --------- --------
FX differences (52)
Depreciation (733)
Amortisation (2,135)
Finance cost (93)
--------
Loss before taxation (2,247)
--------
Table 5b: Reconciliation of adjusted EBITDA to loss before tax
H1-2020
GBP000's Adjusted Separately Share Result
EBITDA reported options before
items tax
Revenue 13,772 - - 13,772
Direct costs (5,034) - - (5,034)
--------- ----------- --------- --------
Gross profits 8,738 - - 8,738
Marketing (799) - - (799)
--------- ----------- --------- --------
Contribution 7,939 - - 7,939
Staff costs (5,458) (343) (195) (5,996)
Property (437) - - (437)
IT and Telephone (549) - - (549)
Professional fees (641) (102) - (743)
Travel and subsidence (157) - - (157)
Bad debt provisions - (530) - (530)
Other expenditure (25) - - (25)
--------- ----------- --------- --------
672 (975) (195) (498)
--------- ----------- --------- --------
FX differences (13)
Depreciation (668)
Amortisation (2,058)
Finance cost (110)
--------
Loss before taxation (3,347)
--------
Impairment review
Given the improvement in results during H1-2021 and in the wider
economic environment management are not envisaging any impairment
under IAS 36 Impairment of assets for the full year based on the
current balance sheet and cash generating units. A full review will
be carried out for the full year.
Amortisation and depreciation
Amortisation and depreciation for the period remains relatively
consistent at GBP2.1 million (H1-2020: GBP2.1 million) and GBP0.7
million (H1-2020: GBP0.7 million) respectively.
Operating result
The Group made a loss before taxation of GBP2.2 million for the
period, compared to a loss of GBP9.0 million for the whole of
2020.
Taxation, incorporating R&D credits
The Group has recognised a net tax credit of GBP1.1 million
(H1-2020: GBP0.2 million) of which GBP0.3 million (H1-2020: GBP0.7
million) relates to an R&D tax credit for the six months to 30
June 2021.
R&D project spend eligible for R&D tax relief decreased
during the period, however this is not the only component behind
the estimated R&D tax credit for the period, and, is not the
only factor that will eventually drive the total claim for the
year.
All valid R&D expenditure gives rise to tax advantages,
either in the form of a tax credit receivable, or as an enhanced
allowable expense deduction increasing the taxable loss for the
year. Legislation places a cap on the amount a company can claim as
a repayment and therefore, as the Group results improve, the amount
it can claim in the form of a repayment decreases. The GBP0.3
million credit recognised is an estimation of the maximum amount
the Group can claim in the form of a cash repayment, based on the
results for the period.
B: Balance sheet
At 30 June 2021, the Group considers some of the key items on
the balance sheet to be:
-- GBP10.1 million of cash at bank (30 June 2020: GBP 7.9 million)
-- GBP2.0 million CBIL loan (30 June 2020: GBPnil)
-- GBP1.5 million of deferred consideration payable until
October 2023 period, (30 June 2020: GBP0.7 million). The GBP1.5
million referred to above is net of discounting accounted for under
IFRS 3.
-- GBP1.7 million of accrued R&D credits of which GBP1.4 million was received in August 2021
-- Within the working capital was GBP4.0 million of funds with
regulated liquidity providers and card programs (outside of banks)
(30 June 2020: GBP3.4 million).
Table 6: Balance sheet
As at As at As at
GBP000's 30 Jun 2021 31 Dec 2020 30 Jun 2020
Restated(1) Restated
(1)
Gross Cash resources 10,082 10,032 7,908
Balances with liquidity providers 2,553 2,776 1,955
Gross liquidity position 12,635 12,808 9,863
Customer balances not subject to
safeguarding (Note 2) (4,755) (4,059) (1,908)
Net liquidity position (Note 3) 7,880 8,749 7,955
----------- ----------- ------------
Other current assets and liabilities*
Card stock and other inventories 217 194 199
Accrued income (Note 3) 447 419 1,914
Trade debtors, including profits
on forward contracts 3,090 2,443 811
Balances pre-funded at card providers 1,435 2,078 1,431
Other debtors 495 168 1,336
Prepayments 1,076 860 1,079
Accrued R&D credit (Note 4) 1,687 1,367 3,064
----------- ----------- ------------
8,447 7,529 9,834
----------- ----------- ------------
Retention and deferred consideration (1,485) (1,662) (703)
Accrued affiliate commissions (1,303) (343) (271)
Accrued expenses (2,422) (1,928) (1,499)
Trade and other creditors (2,107) (2,510) (1,143)
PAYE and VAT (Note 5) (629) (766) (2,017)
Other creditors (1) - (1)
(7,947) (7,209) (5,634)
----------- ----------- ------------
Borrowings (2,000) (2,000) -
Cash resources, less other current
assets and liabilities 6,380 7,069 12,155
Fixed Assets (other than "right
to use") 35,519 36,496 35,700
Net lease liabilities (Right to
use assets less lease liabilities) (364) (346) (292)
Net derivative financial assets (31) (30) 324
Net deferred tax 230 (547) (1,758)
Shareholders' funds 41,734 42,642 46,129
----------- ----------- ------------
* Other current assets and liabilities excluding net derivative
financial assets and current net lease liabilities
1) Certain balance sheet lines have been restated to show
separately balances with card providers and to better reflect where
there is both a legal right and an intention to settle net.
2) Customer balances not defined as client monies subject to
regulated safeguarding requirements, which are held off balance
sheet . These balances represent the margins called by the Group
from customers for forward FX trading. The Group is subject to
margin positions imposed on it by liquidity providers, including
banks that act in that capacity. Where customer margins are lower
than margins requested by liquidity providers, this infers that the
Group has taken a risk-assessment of the client's credit worthiness
and not called the customer for margin but has been called itself.
Where margins imposed by liquidity providers is lower than margins
called from customers, this infers that Group's customers have
off-setting currency positions in the eyes of the liquidity
providers.
3) The net liquidity position is the internal measure of
available resource, but subject to certain balances being held for
regulatory capital reasons. At 30 June 2021 these balances were
GBP352k (30 June 2020: GBP352k).
4) Accrued income at 30 June 2020 included GBP1.0 million due
from Wirecard. Following its demise, the Group became a direct
issuer of its own cards rather than relying solely on third party
issuers, with a corresponding decrease in accrued income due from
such third parties.
5) Accrued R&D credit includes GBP1.4 million accrued in
respect of 2020 and prior years. This was received in August
2021.
6) To manage the Group's working capital through the early
stages of the Covid-19 pandemic, the Group availed itself of a
postponement of PAYE liabilities to HMRC, pending the receipt from
HMRC of the R&D tax credit. At 30 June 2021 the outstanding
balance of historic PAYE was insignificant.
Internally capitalised software
The Group continues its investment in product development and
has capitalised a further GBP1.3 million, including GBP1.2 million
staff costs.
Other balance sheet items
The Group has accrued a further GBP0.3 million for R&D
credits. GBP1.4 million in relation to previous periods was
outstanding as at 30 June 2021 but was received in August 2021.
Non-Controlling Interest
The loss for the period includes GBP90k profit in respect of the
Non-Controlling Interest of the Equals Connect business acquired in
2019.
Off balance sheet items: client monies
Client monies held by the Group, but not included on the balance
sheet, represent monies held on behalf of clients, and where the
risks and rewards of ownership are not transferred to the Group,
and the Group does not have control over how those monies are used.
Such accounts are subject to stringent regulatory controls.
As at 30 June the Group held client monies of GBP170.4 million
in off balance sheet bank accounts (H1-2020: GBP96.1 million). The
increase year-on-year arises from the acquisition of new clients,
and a further general increase consistent with the uptake in B2B
revenue in H1-2021.
C. Cash flow
Table 7 Cash flow
GBP000's H1-2021 H1-2020 H2-2020 FY-2020
Adjusted EBITDA (table 1) 1,599 672 492 1,164
Add: R&D tax receipts relating
to qualifying expenditure
in prior periods - 2,539 2,539
Less:
- IFRS 16 excess of cash
cost over accounting cost (586) (514) (549) (1,063)
- Acquisition costs - - (130) (130)
- Cash incurred separately
reported items (616) (445) (1,537) (1,982)
- Internally capitalised
software (1,340) (2,496) (1,969) (4,465)
- Purchase of other intangibles (27) (50) (15) (65)
- Purchase of property,
plant, equipment (40) (119) (41) (160)
(Less) / add: Working capital
movement* 1,817 103 1,651 1,754
Net cashflow before acquisitions,
earn-outs and external fundings 807 (2,849) 441 (2,408)
Cash for acquisitions/ earn-outs (803) (508) (317) (825)
External funding
CBIL loan from UK Government - - 2,000 2,000
Cash raised from issue of
equity 46 - - -
NET CASH FLOWS 50 (3,357) 2,124 (1,233)
Balance at start of period 10,032 11,265 7,908 11,265
Balance at end of period 10,082 7,908 10,032 10,032
======= ======= ======= =======
Richard Cooper
Chief Financial Officer
14 September 2021
INTERIM CONSOLIDATED statement OF COMPREHENSIVE INCOME
FOR THE six month periodED 30 june 2021
Year end
Period end Period end 31
30 June 30 June December
2021 2020 2020
Unaudited Unaudited Audited
Note GBP000 GBP000 GBP000
Gross value of currency transactions
sold*(1) 1,738,215 1,196,192 2,671,245
Gross value of banking deposit
transactions 570,343 363,546 821,426
----------- ----------- ----------
Revenue on currency transactions 14,046 11,268 23,850
Banking revenue 2,859 2,504 5,110
----------- ----------- ----------
Revenue 2 16,905 13,772 28,960
Direct costs 2 (6,685) (5,033) (10,671)
----------- ----------- ----------
Gross profit 10,220 8,739 18,289
Administrative expenses 3 (10,239) (9,917) (22,467)
Amortisation charge (2,135) (2,058) (4,347)
Credit impairment charge 4 - - (261)
Acquisition expenses - - (130)
----------- ----------- ----------
Total operating expenses (12,374) (11,975) (26,944)
Operating loss (2,154) (3,236) (8,655)
Finance costs 8 (93) (110) (391)
----------- ----------- ----------
Loss before tax (2,247) (3,346) (9,046)
Tax credit 5 1,075 177 2,109
----------- ----------- ----------
Loss after tax (1,172) (3,169) (6,937)
=========== =========== ==========
Memo: Loss is attributable
to:
----------- ----------- ----------
Owners of Equals Group Plc (1,251) (3,086) (6,919)
Non-controlling interest 79 (83) (18)
----------- ----------- ----------
Other comprehensive income:
Exchange differences arising
on translation of foreign
operations - - 6
(1,172) (3,169) (6,931)
=========== =========== ==========
Loss per share
Basic (70)p (1.73)p (3.87)p
Diluted (70)p (1.69)p (3.87)p
=========== =========== ==========
*(1) Gross value of currency transactions sold and banking
deposit transactions are a non-GAAP measure and represent the gross
value of currency transactions sold to customers and banking
deposits made by customers.
All income and expenses arise from continuing operations.
INTERIM CONSOLIDATED statement OF FINANCIAL POSITION
FOR THE six month periodED 30 june 2021
As at As at
As at 30 June 31 December
30 June 2021 2020 2020
Unaudited Restated* Restated*
Note GBP000 GBP000 GBP000
ASSETS
Non-current assets
Property, plant and equipment 1,439 1,887 1,646
Right of use assets 5,247 6,487 6,061
Intangible assets and goodwill 34,082 33,813 34,850
Deferred tax assets 4,057 2,095 3,193
44,825 44,282 45,750
-------------- ----------- -------------
Current assets
Inventories 217 199 194
Trade and other receivables 10,783 11,699 10,112
Derivative financial assets 3,019 2,476 3,019
Cash and cash equivalents 10,082 7,909 10,032
-------------- ----------- -------------
24,101 22,283 23,357
-------------- ----------- -------------
TOTAL ASSETS 68,926 66,565 69,107
============== =========== =============
EQUITY AND LIABILITIES
Equity attributable to equity
holders
Share capital 6 1,787 1,786 1,786
Share premium 6 53,049 53,003 53,003
Share based payment reserve 1,619 1,126 1,402
Other reserves 8,609 8,603 8,609
Retained deficit (23,510) (18,425) (22,259)
-------------- ----------- -------------
Equity attributable to owners
of Equals Group Plc 41,554 46,093 42,541
Non-controlling interest 180 36 101
-------------- ----------- -------------
41,734 46,129 42,642
-------------- ----------- -------------
Non-current liabilities
Borrowings 7 2,000 - 2,000
Lease liabilities 5,164 6,120 5,509
Deferred tax liabilities 3,827 3,854 3,740
-------------- ----------- -------------
10,991 9,974 11,249
-------------- ----------- -------------
Current liabilities
Trade and other payables 12,704 7,652 11,269
Lease liabilities 447 659 897
Derivative financial liabilities 3,050 2,151 3,050
-------------- ----------- -------------
16,201 10,462 15,216
-------------- ----------- -------------
TOTAL EQUITY AND LIABILITIES 68,926 66,565 69,107
============== =========== =============
* Certain balance sheet lines have been restated to better
reflect where there is both a legal right and an intention to
settle net .
INTERIM CONSOLIDATEd STATEMENT OF changes in equity
For the SIX MONTH period ended 30 june 2021
Group Total attributable
Share to owners
Share Share based Retained Other of Equals Non-controlling
capital premium payment deficit reserves Group Plc interest Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 January 2020 1,786 53,003 1,345 (15,339) 8,603 49,398 119 49,517
(Loss) for the period
and total
comprehensive
loss - - - (3,086) - (3,086) (83) (3,169)
Other items
Share based payment
charge - - 195 - - 195 - 195
Movement in deferred
tax on share-based
payment charge - - (414) - - (414) - (414)
-------- -------- -------- -------- --------- ------------------ --------------- -------
At 30 June 2020 1,786 53,003 1,126 (18,425) 8,603 46,093 36 46,129
(Loss) / income for
the period - - - (3,834) - (3,834) 65 (3,769)
Other comprehensive
income:
Items that will not
be reclassified
subsequently
to profit or loss:
Exchange differences
arising on
translation
of foreign
operations - - - - 6 6 - 6
Other items
Share based payment
charge - - 249 - - 249 - 249
Movement in deferred
tax on share-based
payment charge - - 27 - - 27 - 27
At 31 December 2020 1,786 53,003 1,402 (22,259) 8,609 42,541 101 42,642
(Loss) / income for
the period and total
comprehensive (loss)
/ income - - - (1,251) - (1,251) 79 (1,172)
Other items
Share based payment
charge - - 217 - - 217 - 217
Movement in deferred - - - - - - - -
tax on share-based
payment charge
New shares issued 1 46 - - - 47 - 47
-------- -------- -------- -------- --------- ------------------ --------------- -------
At 30 June 2021 1,787 53,049 1,619 (23,510) 8,609 41,554 180 41,734
======== ======== ======== ======== ========= ================== =============== =======
Other reserves comprise:
Merger reserve Arising on reverse acquisition from Group
reorganisation.
Contingent consideration Arising on equity based contingent consideration
reserve on acquisition of subsidiaries.
Foreign currency reserve Arising on translation of foreign operations
INTERIM Consolidated statement of cash flows
FOR THE SIX MONTH PERIODED 30 JUNE 2021
Six month Six month Six month
period ended period ended period ended
30 June 30 June 31 December
2021 2020 2020
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Operating Activities
Loss for the period (2,154) (3,236) (5,419)
Adjustments for:
Depreciation 733 668 759
Amortisation 2,135 2,058 2,289
Impairment - - 261
Share based payment charge 217 195 249
Decrease / (increase) in trade
and other receivables (351) 382 (203)
Decrease / (increase) in net
derivative financial assets /
liabilities - 2,085 (543)
Increase / (decrease) in trade
and other payables 2,210 (296) 2,506
(Decrease) / increase in derivative
financial liabilities - (2,037) 526
(Increase) / decrease in inventories (23) 65 5
-------------- -------------- --------------
Net cash inflow / (outflow) 2,767 (116) 430
Tax receipts - - 2,539
-------------- -------------- --------------
Net cash inflow / (outflow) from
operating activities 2,767 (116) 2,969
Cash flows from investing activities
Acquisition of property, plant
and equipment (40) (120) (40)
Acquisition of intangibles (1,367) (2,546) (1,984)
Deferred consideration on acquisition (803) - -
of subsidiary
Acquisition of subsidiary, net
of cash acquired - - (256)
Net cash used in investing activities (2,210) (2,666) (2,280)
Cash flows from financing activities
Borrowings - - 2,000
Principal elements of lease payments (446) (464) (427)
Interest paid on finance lease (97) (110) (112)
Interest paid (10) - (27)
Proceeds from issuance of ordinary 46 - -
shares
Net cash (used in) / from financing
activities (507) (574) 1,434
-
Net increase / (decrease) in
cash and cash equivalents 50 (3,356) 2,123
Cash and cash equivalents at
the beginning of the period 10,032 11,265 7,909
-------------- -------------- --------------
Cash and cash equivalents at
end of the period 10,082 7,909 10,032
============== ============== ==============
CONSOLIDATED NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIODED 30 JUNE 2021
1. Basis of preparation
The principal accounting policies applied in the preparation of
the Group and Interim Consolidated financial statements are set out
below. These policies have been consistently applied to all the
years presented, unless otherwise stated. The financial statements
have been prepared on a historical cost basis with the exception of
derivative financial instruments which are measured at fair value
through profit or loss.
These financial statements are prepared in accordance with
International Accounting Standards in conformity with the
requirements of the Companies Act 2006. The financial statements
are presented in sterling, the Group's presentational currency.
The unaudited consolidated Interim financial statements have
been prepared in accordance with the AIM rules and consistently
with the basis of preparation and accounting policies set out in
the accounts of the Group for the year ended 31 December 2020. The
information set out herein is abbreviated and does not constitute
statutory accounts within the meaning of Section 434 of the
Companies Act 2006. These interim consolidated financial statements
do not include all disclosures which would be required in a
complete set of financial statements and should be read in
conjunction with the 2020 Annual Report.
The Company is a limited liability company incorporated and
domiciled in England and Wales and whose shares are quoted on AIM,
a market operated by The London Stock Exchange.
a) Critical judgements and estimates
IFRS requires management to make estimates, judgements and
assumptions that affect the application of the Group's accounting
policies and the reported amounts of assets, liabilities, income
and expenses. These estimates are based on the Directors best
knowledge and past experience. The existing critical judgements and
estimates set out in note 3.26 of the Group's annual report for the
year ended 31 December 2020 have been reviewed in preparing these
Interim consolidated financial statements, and in particular
surrounding the current Covid-19 situation, and the Directors
believe they remain relevant.
b) Going concern
The Board continues to closely monitor its performance, and
considers a range of risks that could affect the future performance
and position of the Group, including the on-going risks to the
business arising from the Covid-19 pandemic. The Board considers it
has a reasonable expectation that it has adequate resources to
continue to operate for the foreseeable future and therefore the
financial statements are prepared on a going concern basis.
2. Segmental Analysis
The segmental results were as follows:
Unaudited International Currency Travel Banking Central Total
Payments Cards Cash
6 months ended 30 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
June 2021
Segment revenue 10,124 3,853 69 2,859 - 16,905
Direct costs (5,837) (27) (21) (800) - (6,685)
-------------- --------- ------- -------- --------- ---------
Gross profit 4,287 3,826 48 2,059 - 10,220
Administrative expenses (10,239) (10,239)
Amortisation (2,135) (2,135)
Finance costs (93) (93)
-------------- --------- ------- -------- --------- ---------
Profit / (loss) before
tax 4,287 3,826 48 2,059 (12,467) (2,247)
============== ========= ======= ======== ========= =========
Total assets 4,976 63,950 68,926
Total liabilities (1,996) (25,196) (27,192)
-------------- --------- ------- -------- --------- ---------
Total net assets - - - 2,980 38,754 41,734
============== ========= ======= ======== ========= =========
Unaudited International Currency Travel Banking Central Total
Payments Cards Cash
6 months ended 30 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
June 2020
Segment revenue 8,233 2,642 393 2,504 - 13,772
Direct costs (2,899) (1,341) (151) (643) - (5,034)
-------------- --------- ------- -------- --------- ---------
Gross profit 5,334 1,301 242 1,861 - 8,738
Administrative expenses - - - - (9,916) (9,916)
Amortisation - - - - (2,058) (2,058)
Finance costs - - - - (110) (110)
-------------- --------- ------- -------- --------- ---------
Profit / (loss) before
tax 5,334 1,301 242 1,861 (12,084) (3,346)
============== ========= ======= ======== ========= =========
Total assets - - - 5,714 60,851 66,565
Total liabilities - - - (2,087) (18,350) (20,437)
-------------- --------- ------- -------- --------- ---------
Total net assets - - - 3,627 42,501 46,128
============== ========= ======= ======== ========= =========
Audited International Currency Travel Banking Central Total
Payments Cards Cash
6 months ended 31 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
December 2020*
Segment revenue 9,009 3,336 237 2,606 - 15,188
Direct costs (3,277) (1,523) (123) (713) - (5,636)
-------------- --------- ------- -------- --------- ---------
Gross profit 5,732 1,813 114 1,893 - 9,552
Administrative expenses - - - - (13,526) (13,526)
Amortisation - - - - (2,289) (2,289)
Impairment charge - - - - 845 845
Finance costs - - - - (282) (282)
-------------- --------- ------- -------- --------- ---------
Profit / (loss) before
tax 5,732 1,813 114 1,893 (15,252) (5,700)
============== ========= ======= ======== ========= =========
Total assets - - - 4,399 64,708 69,107
Total liabilities - - - (1,755) (24,710) (26,465)
-------------- --------- ------- -------- --------- ---------
Total net assets - - - 2,644 39,998 42,642
============== ========= ======= ======== ========= =========
*A review of the underlying data has led to some minor
re-profiling of H1-2020 and H2-2020 disclosures.
3. Loss before tax
Loss before tax is stated after charging the following operating
costs:
6 months 12 months ended
6 months ended ended 30 31 December
30 June 2021 June 2020 2020
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Marketing costs 392 799 1,206
Staff costs 6,718 5,799 12,894
Property and office costs 490 500 993
Audit fees 188 192 375
Other professional fees 524 552 1,270
IT and telephone cost 874 552 1,299
Travel and similar 50 157 233
Foreign exchange loss 52 (38) 199
Share option charge 217 195 444
Write-off of card stocks - - 575
Contingent consideration - - 637
Bad debt provisions - 530 513
Depreciation of right of use
assets 486 465 940
Depreciation of property, plant
and equipment 247 203 487
Other costs 1 11 402
--------------- ----------- ----------------
Administrative costs 10,239 9,917 22,467
=============== =========== ================
Staff costs include GBP0.6 million costs relating to a number of
senior staff departing the business. This includes settlement
costs, notice period costs and associated legal expenses.
4. Credit impairment charge
Credit impairment charge represents the movement for the period
in expected credit loss under IFRS 9 Financial Instruments.
5. Taxation
6 months 6 months 12 months
ended ended 30 ended 31 December
30 June 2021 June 2020 2020
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Current year R&D credit (319) (734) (1,347)
Change in R&D credit estimates
relating to prior years - - (24)
Current year corporation tax 20 - -
charge
-------------- ----------- -------------------
Current tax credit (299) (734) (1,371)
-------------- ----------- -------------------
Origination and reversal of temporary
differences (762) 458 (564)
Recognition of previously unrecognised
deductible temporary differences (14) 99 (174)
-------------- ----------- -------------------
Deferred tax expense (776) 557 (738)
-------------- ----------- -------------------
Total tax credit (1,075) (177) (2,109)
============== =========== ===================
6. Share capital
6 months 6 months 6 months 12 months
ended 30 ended 30 ended 30 ended 31 December
June 2021 June 2021 June 2020 2020
Unaudited Unaudited Unaudited Audited
No GBP000 GBP000 GBP000
Authorised, issued and
fully paid-up ordinary
shares of GBP0.01 each
As at start of period 178,602,918 1,786 1,786 1,786
Issued during the period 138,889 1 - -
As at end of period 178,741,807 1,787 1,786 1,786
----------- ---------- ---------- ------------------
Equals Group Plc issued 138,889 1p ordinary shares on 20 April
2021 for total consideration of GBP46,875, of which GBP45,486 was
allocated to the Share Premium reserve, in order to satisfy the
exercise of share options by a former Director of the Group.
7. Borrowings
2021 2020
GBP000 GBP000
Loan debenture 2,000 2,000
======= =======
Under the Coronavirus Business Interruption Loan Scheme (CBILS)
to further support working capital, on 23 December 2020 the main
trading subsidiary of the Company, FairFX plc, entered into a
GBP2,000,000 loan agreement with the Royal Bank of Scotland
(RBS).
Under the terms of the loan, there is an initial twelve month
capital repayment holiday and the UK Government will pay the first
12 months of interest due. This is being recognised as a government
grant, with interest grant income received being offset against the
loan interest due. At the current Bank Base rate, the estimated
grant income receivable by the Group for the period 1 July 2021 to
31 December 2021 representing six months repayment holiday will be
GBP26k. The estimated interest payment for the year ended 31
December 2022 is GBP48k. The loan is for a six year period,
maturing on December 2026, at the Bank Base rate + 2.53% and may be
repaid early at any point without penalty.
The loan agreement required that by 31 March 2021, Equals Group
plc issued a guarantee to FairFX plc as security on the loan and
that FairFX plc provides a debenture to the RBS for the value of
the loan. Both of these requirements have been met.
8. Finance costs
Finance costs comprise the unwind of discount on the lease
liability under IFRS 16; the unwind of discount on deferred
consideration in respect of business and company acquisitions made
by the Group and other financing interest costs.
9. Post balance sheet events
On 23 July 2021, Equals Group Plc issued 550,000 1p ordinary
shares for total consideration of GBP153,875, of which GBP148,375
was allocated to the share premium reserve, in order to satisfy the
exercise of share options by former Director of the Group and a
former senior employee.
- ENDS -
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