Equals Group: FY 2024 Results, 140p Takeover and EQLS Share Price

Let’s cut straight to the chase: in the final results and special dividend announcement, Equals reported FY 2024 revenue growth, and the takeover announcement set out a 140p per share value for shareholders. That makes this less a normal results note and more a clean-up of the numbers, the special dividend and the old EQLS share price question.

Quick answer for investors

In its final results and special dividend announcement, Equals reported FY 2024 revenue of £131.7m, up 38% from £95.7m in FY 2023. Adjusted EBITDA was £28.3m, up 37%. Total underlying transaction values were £18.2bn, up 47%. Cash at bank was £29.2m at 31 December 2024.

The Rule 2.7 announcement said the recommended all-cash acquisition valued Equals at about £283m on a fully diluted basis. Shareholders were entitled to 140p per Equals share, made up of 135p cash consideration and a 5p special dividend.

What happened to the EQLS share price?

The 140p transaction value is the number to understand if you are searching for the old EQLS share price. The Rule 2.7 announcement said it represented a 37% premium to the 102.5p closing share price on 31 October 2023, the last business day before the offer period began.

The scheme effective announcement said the scheme became effective on 14 April 2025. It also said Equals’ entire issued and to-be-issued share capital was owned by BidCo from that point. Trading in Equals shares on AIM was suspended on 14 April 2025, and cancellation of admission to trading was expected to take effect at 7:00 a.m. on 15 April 2025.

So no, this is not really a live-quote situation any more. It is a completed takeover story, with 140p per share as the key cash value.

The growth behind the exit

Strip out the deal mechanics and the operating performance was still decent. Equals reported gross profit of £73.9m and profit after tax of £7.4m for FY 2024.

The buyer logic was also clear enough. The Rule 2.7 announcement named Alakazam Holdings Bidco Ltd as the bidder, with a consortium including funds advised by TowerBrook, funds advised by J.C. Flowers, and Railsr shareholders. It said the combination was intended to bring Equals’ cross-border payments capabilities together with Railsr’s embedded-finance platform.

Special dividend details

Equals declared a 5p per share special dividend in connection with the takeover. The final results announcement said it was payable to shareholders on the register at 6:00 p.m. on 11 April 2025, with payment due by 28 April 2025, subject to the scheme becoming effective.

Final take

For me, the neat version is this: Equals produced strong FY 2024 numbers and then left AIM through a cash deal with a clear 140p per share value. That is probably the cleanest lens for investors looking back at the company - less “what next?”, more “what was the exit worth?”

For another small-cap growth note, see my coverage of Eleco trading update.