FAIRFX Group PLC Half-Year Trading Statement (1297K)
July 05 2017 - 1:00AM
UK Regulatory
TIDMFFX
RNS Number : 1297K
FAIRFX Group PLC
05 July 2017
5 July 2017
FairFX Group plc
("FairFX" or "the Group" or "the Company")
Half-Year Trading Statement
Profitability and further strong growth
FairFX, the low cost multi-currency payments service, is pleased
to provide the market with a trading update for the six-month
period ended 30(th) June 2017.
The Company achieved its first interim net profit since IPO,
which was ahead of management expectations. Turnover for the first
half was up 25.8% year on year to GBP433.8 million with broad-based
growth. A combination of a more profitable business mix, leading to
an improved gross margin, and cost benefits of rationalising the
supply chain resulted in the profitable period. Total turnover from
prepaid cards and international payments rose 23% and 35%
respectively. Usage of the Company's corporate card platform rose
93% year on year. The sustained growth in the period was achieved
despite the headwinds of the UK General Election, which weakened
Sterling both before and after the result.
On the retail card and travel money side of the business, the
focus has remained on improving the user experience (UX) of FairFX
across all its platforms. This has taken the form of improvements
to both the app and the website. In addition, targeted campaigns
have been made during the period to grow revenue from existing
customers by improving retention, reactivation and cross-selling by
using improved data collection and analysis.
Growth in the corporate card segment grew 93% versus the same
period last year. A mobile-responsive website was launched together
with new features on the corporate app - both of which
significantly improve the usability of the platform. More
deployments are planned for the second half of 2017 to further
improve functionality and UX of the platform and the outlook
remains positive.
FairFX CEO, Ian Strafford-Taylor, commented:
"The performance of the Group in posting a profitable first half
is a significant achievement. Historically the first half has been
weaker than the second half and to reach this point ahead of our
expectations is an excellent result. FairFX is well positioned to
continue its strong growth and we are confident about making
further progress in 2017."
This announcement contains inside information.
- ENDS -
FairFX Group plc
Ian Strafford-Taylor,
CEO +44 (0) 20 7778 9308
Cenkos Securities plc
Max Hartley/Callum Davidson +44 (0) 20 7397 8925
Yellow Jersey PR
Charles Goodwin
Abena Affum +44 (0) 7747 788 221
About FairFX
FairFX is a leading online international payment services
provider, incorporated in the UK in 2005. The Company has developed
a cloud-based peer-to-peer payments platform that enables personal
and business customers to make easy, low-cost multi-currency
payments in a broad range of currencies and across a range of FX
products all via one integrated system. The FairFX platform
facilitates payments either direct to Bank Accounts or at over 35
million merchants and over 1 million ATM's in a broad range of
countries globally via Mobile apps, the Internet, wire transfer and
MasterCard/VISA debit cards.
FairFX operates within the rapidly growing online multi-currency
payments market and provides transactional services to both
personal and business customers through four channels being
Currency Cards, Physical Currency, FairPay and Dealing. The
Currency Card and Physical Currency offerings facilitate multiple
overseas payments at points of sale and ATM's whereas the FairPay
and Dealing products support wire transfer foreign exchange
transactions direct to Bank Accounts.
For Corporates, FairFX has a market-leading business-expenses
solution based around its corporate prepaid card allied to a
platform allowing the Corporate to better control expenses and
improve transparency whilst removing administrative burdens from
staff.
In addition, FairFX has entered into a number of "white-label"
arrangements for the use of its P2P matching platform. Customers
include easyjet and ThinkMoney. FairFX has also partnered with
Concur Technologies, Inc. a leading provider of integrated travel
and expense management solutions with over 25 million users
globally. Such relationships provide strong support for FairFX's
customer acquisition strategy.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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