EQS Group - Driving from the COCKPIT

EQS delivered a strong Q120, with revenues 21% up on Q119 (adjusted for the ARIVA disposal) to €8.35m. With stable personnel and other expenses and reduced use of contractors year-on-year as the main COCKPIT investment phase tails off, the group has posted a third consecutive quarter of EBITDA profit (to €0.8m). COVID-19 prompted a step up in demand for audio and video webcasts, as well as an increase in corporate news flow. New clients attracted by these offerings should be a good source of cross- and up-selling opportunities. Guidance (and our forecast) are unchanged.