19th Jan 2015 09:34
LONDON (Alliance News) - Multi-currency payments company FAIRFX Group PLC on Monday said its revenue came in ahead of expectations for the year on the back of a significant growth in customers.
FAIRFX said total multi-pay and single-pay product revenue was ahead of its expectations at more than GBP470 million, up 45% year-on-year.
The company added a total of 42,303 customers in the second half, bringing its total new customers for the year to 86,397, meaning its year-on-year customer growth hit 46%.
Chief Executive Officer Ian Strafford-Taylor said the company's strategy of growing volumes via its platform but taking no foreign exchange risk proved valuable last week as it saw no impact from the decision by the Swiss National Bank to remove the ceiling on the Swiss franc against the euro.
The SNB decision caused turmoil for forex brokers and trading platforms on Friday, with UK trader Alpari (UK) Ltd being forced into insolvency.
"The compelling logic for a land-grab of customers for FAIRFX remains in place and we firmly believe that we remain the best rate and service offering in the foreign exchange market place. We remain confident that 2015 will see us achieve further strong growth in all our KPI's," Stafford-Taylor added.
FAIRFX shares were up 3.3% to 52.70 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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