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Equals Group Plc

FairFX sees “encouraging” growth in 2018 following acquisitions

Chairman of the international payments provider, John Pearson, said in the statement that the acquisitions of CardOne and City Forex had been “transformational” for the company

World currencies
The company expects performance for the year to be “in-line with market expectations”

FairFX Group Plc (LON:FFX) has hailed “continued strong growth” in the first part of 2018 as it issued a statement to be read at its annual general meeting on Tuesday.

Chairman of the AIM-listed international payments provider, John Pearson, said in the statement that the acquisitions of CardOne and City Forex earlier in the year had been “transformational” for the company and had enabled the company to broaden its growth opportunities.

READ: FairFX completes migration of international payments business to City Forex platform within ten weeks

FairFX acquired CardOne in January for £15mln to use its infrastructure and technical capability to speed up its own roll-out of a small business banking product.

International payments and travel currency provider City Forex, acquired for £6mln, followed in February and was expected to be immediately earnings enhancing as the firm completed the migration of its international payments business to the platform ten weeks after the acquisition.

In the statement, Pearson said the company was “already reaping the benefits” of the City Forex acquisition, which he added was improving efficiencies in the group’s services.

In light of its recent performance in the year, Pearson said that the company expected trading performance for the full year to be “in-line with market expectations”.

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