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06 Jul 2018 | 07:43

FairFX first-half turnover exceeds £1bn

Banking service FairFX said Friday it was confident of meeting full-year expectations after turnover exceeded £1bn in the six months through June amid strong margins.

For the six months to 30 January, turnover was up 146.2% year on year to £1.1bn, from £434.1m the previous year, in line with management's expectations.

On a like for like basis, excluding the acquired entities of Cardone and City Forex, turnover for the first half rose 22.8% to £532.9m.

Like-for-like turnover from prepaid cards and international payments rose 8.5% to £181.7m and 39.1% to £334.6m, respectively.

International payments turnover for the group increased 131.6% year on year, supported by additional volumes from City Forex, which saw year-on-year turnover increase by 39%.

Usage of the company's corporate card platform rose 28.3% year on year.

The company recently launched the 'Fair Everywhere' business account, which is expected to make global business banking 'easier,' FairFX said.

For the second half of 2018, the company said it would continue to focus extracting efficiencies while evolving the banking products for SME's. 'The performance of FairFX during the first half of 2018 demonstrates the execution of the Company's strategy to scale its core FX services whilst evolving the digital banking offering. The substantial growth in turnover has also been achieved without reduced margins and this gives us great confidence for the prospects for 2018 and beyond,' said FairFX CEO, Ian Strafford-Taylor.

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