Equals has delivered flat H1/20E revenues, exhibiting trading resilience in view of headwinds brought about by Covid-19. While there was a slowdown across all segments over Q2/20, Equals' evolving B2B focus and strong International payments growth has supported trading. There are tentative signs of recovery in those areas of weaker performance, boding well for H2/20E. While the speed of that recovery is uncertain, we refrain from reissuing forecasts with our recommendation unchanged.