6th Jul 2018 08:58
LONDON (Alliance News) - FairFX Group PLC on Friday said it saw a substantial revenue growth in the first half of its current financial year boosted by recent acquisitions.
The payments & banking services firms expects to report revenue of GBP1.1 billion for the six months to the end of June, more than doubled compared to GBP434.1 million reported a year earlier.
On a like-for-like basis, excluding the acquired entities of CardOne Banking and City Forex Ltd, revenue is predicted to rise 23% to GBP532.9 million from GBP434.1 million.
Like-for-like revenue from prepaid cards and international payments rose 8.5% to GBP181.7 million and 39% to GBP334.6 million, respectively.
In August last year, FairFX bought CardOne for GBP15.0 million and in February it purchased City Forex for GBP6.0 million.
International payments revenue for the group more than doubled year-on-year, it said, helped by additional volumes from City Forex. Since integration, FairFX's international payments have migrated to the City Forex platform.
Looking forward, the company said it plans to continue growing revenue whilst maintaining margins through targeted marketing and improved user experience.
"The performance of FairFX during the first half of 2018 demonstrates the execution of the company's strategy to scale its core FX services whilst evolving the digital banking offering," said Chief executive Ian Strafford-Taylor.
"The substantial growth in turnover has also been achieved without reduced margins and this gives us great confidence for the prospects for 2018 and beyond," added Strafford-Taylor.
Shares in FairFX opened 9.7% higher on Friday at 125.00 pence each.
Related Shares:
FFX.L