Updates

Equals Group

November 2019

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Surprising to see Equals below September’s placing price of 110p. Equals is at an early stage of its growth trajectory and latest interims show it firing on all four products, albeit perhaps a bit light on my own expectations, and it continues to focus on supply chain rationalisation and direct connectivity to payment schemes, driving better margins. The H1 performance demonstrates this with sales up 21% to £14.6m and adjusted ebitda up by a whopping 78% to £4.7m. This was mostly all organic with only one small acquisition in the period.It now operates four products on its integrated App and the latest results show that it is firing on all four - Physical Currency, Currency Cards, International Payment ...

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D4T4

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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