29 August 2021 – Equiti Capital UK Limited reported an increase of 209% in profitability for the financial year ending December 2020, with an increase in profit of $1.8 million compared to $569,000 in the previous financial year.
The Company remained highly cash generative during the year. Annual revenues of Equiti UK grew 25% to $31m from $24.6m in 2019. This revenue growth was supported by a strong Equiti UK Balance Sheet, with net assets of $22.4m.
Commenting on the financial results, Nigel Holmes, Acting CEO of Equiti UK and Director of the Equiti UK Board, said:
“The increase in revenues and profitability can be attributed to strong risk management and controls, good governance and systems in place,a motivated and dedicated workforce, and new business, supported by volatility in the markets due to the pandemic and the global economic situation. The continued growth in headcount is in line with the strategic development plans for the company.”
Equiti UK is not reliant on sustained periods of high volatility in markets, as continued investment in product development, diversification into new contracts, technical expertise and focus on our clients will deliver sustainable results for years to come. The Company continues to have a strong balance sheet and liquidity position.
Despite the challenges Covid-19 brought during the reporting period, the directors acknowledge that no support was sought from the government, no staff members were furloughed or received a pay reduction. All employees successfully worked from home during the pandemic evidencing Equiti UK’s resilience and IT capabilities.
On 28 July 2021 Equiti UK received a USD$10 million capital injection from parent Equiti Group Limited.
The USD$10 million increase in share capital will further strengthen Equiti UK’s balance sheet and support several strategic business expansion initiatives underway.