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FairFX sees revenues rise despite "weaker macro environment"

Currency firm FairFX gave an upbeat assessment of prospects alongside its annual results.

Foreign currency
As is common with firms in a rapid growth phase it was loss-making.

AIM-listed currency firm FairFX (LON:FFX) gave an upbeat assessment of prospects alongside annual results that were largely in line with forecasts.

Its net revenues grew by 36% to £7.4mln for the year ended December 31, but as is common with firms in a rapid growth phase it was loss-making.

The shortfall was £3.4mln after spending £3.2mln on marketing and an options charge of £400,000.

“Despite a somewhat weaker macro environment during the first quarter, our underlying customer base is performing strongly,” said chief executive Ian Strafford-Taylor.

“Spending on retail cards is up 25% [on this time last year] with top-ups of existing cards also showing growth.

“In addition, overall customer activity has picked up in recent weeks and we have some exciting deployments of new technology scheduled before our peak summer season.

“Accordingly, we are confident the group remains in line with market expectations for the full year.”

FairFX has developed a cloud-based payments platform that enables personal and business customers to make easy, low-cost multi-currency payments.

It added 103,338 new retail customers, bringing 2015 total to 508,048.

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