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Equals Group Plc

FairFX shares jump after turnover exceeds £1bn in first half

The AIM-listed multicurrency payments and banking provider said in a trading statement that its turnover for the first half was up 146.2% at £1.1bn

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On a like-for-like basis, turnover for the period was up 22.8% to £532.9mln

FairFX Group PLC (LON:FFX) shares jumped in early afternoon trading Friday after its turnover in the first half exceeded £1bn.

The AIM-listed multicurrency payments and banking provider said in a trading statement that its turnover for the first half was up 146.2% at £1.1bn compared to the same period last year and in line with management expectations.

READ: FairFX launches international account for small businesses

On a like-for-like (LFL) basis, excluding the Cardone Banking and City Forex acquisitions, turnover for the period was up 22.8% to £532.9mln while LFL turnover for prepaid cards and international payments rose 8.5% to £181.7mln and 39.1% to £334.6mln respectively.

The group also reported that year-on-year (YOY) turnover in international payments was up 28.3% and was supported by additional volumes from City Forex which achieved YOY turnover growth of 39%.

Usage of the company’s corporate card platform was also up 28.3% YOY, with the corporate product now forming a “key pillar” of the firm’s SME customer base.

In the retail card and travel money division, FairFX said it remained focused on growing turnover and maintaining margins through targeted marketing and an improved user experience, with the incorporation of the City Forex acquisition “maximising cross-selling opportunities”.

Meanwhile, the company said its banking division was planning to release a number of products in the coming months following the launch of its Fari Everywhere business account last week.

Looking toward the rest of the year, the firm said it would continue its strategy of efficiency whilst evolving more banking products for SME clients. It would also continue to try and maximise cross-selling opportunities.

Shares were up 13.1% at 129p.

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