23rd Apr 2018 10:35
LONDON (Alliance News) - Multi-currency payments service provider FairFX Group PLC said Monday it swung to a profit in 2017, after revenue grew strongly as its continues to see significant growth in the first quarter of 2018.
For 2017, swung to a pretax profit of GBP229,449 from GBP1.4 million the year prior. This was after revenue rose 52% to GBP15.5 million from GBP10.2 million the year before, up 33% on a like-for-like basis.
"2017 has been a ground-breaking year for the group in terms of growth and expansion of operations," FairFX Chief Executive Officer Ian Strafford-Taylor said. "The group has reported its maiden full year profit as a public company and completed over GBP1 billion of transaction volume for the first time. The strategic acquisitions of Q Money Ltd and CardOne Banking have been key to evolving the business and enabling FairFX to move further into the digital banking sector. 2018 will see the group continue to develop new products, with a particular focus on the SME banking space, and cross sell its existing services."
"The group has enjoyed a good start to 2018 to date and has also completed the acquisition of the international payment business and supply chain partner, City Forex, which fits with our strategy to both scale the business and increase control over the supply chain to improve margins," Strafford-Taylor added. "In addition, the group has a pipeline of development for 2018 to further boost revenue and operational efficiency and consequently, the board is confident that the outlook for the full year remains in line with market expectations."
For the first quarter, FairFX revenue rose 85% on a reported and 19% on a like-for-like basis to GBP4.8 million.
Shares in FairFX were 3.0% higher at 104.00 pence on Monday.
Related Shares:
FFX.L