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26 Sep 2018 | 08:55

FairFX profits swell as corporate platform, international payments grow

Banking service FairFX reiterated Wednesday it was 'confident' of meeting full-year expectations after profit rose sharply amid ongoing corporate platform and international payments growth.

For the six months to 30 June, adjusted profit before tax rose to £2.6m from £0.18m a year earlier and group revenue increased by 97% to £12.0m.

Turnover was up 145% to £1.07bn, from £434.8m the previous year, and 23% on a like-for-like basis.

The corporate platform, which grew 28% and international payments, which grew 131% and 39% on a like-for-like basis, remained key areas of growth for the company.

Adjusted net profit margin increased by a factor of 10 to 21.9%. 'The business has delivered an excellent first half performance both operationally and in terms of bottom-line,' said Chief Executive Officer of FairFX, Ian Strafford-Taylor.

Top line turnover growth has continued, and with the Group operationally geared revenue is increasingly flowing through to profit. This trend is expected to continue in the second half of the year as we grow further and rationalise the supply chain.' 'Achieving this performance against a backdrop of weak Sterling, combined with less people taking holidays in 2018 due to the warm summer in the UK, bears testament to the great strides we have made in recent years to broaden the product mix and reduce our reliance on revenues from foreign exchange.' 'The outlook for the Group for the balance of the year remains positive despite Brexit weighing on Sterling and providing a headwind. We are actively improving the supply chain both in terms of robustness and improved economics, which we strongly believe will feed through in the second half. We also have an exciting pipeline of product enhancements for the remainder of 2018, and we look forward to updating the market in due course.'

'Against this background, we remain confident that the full year results will be in line with expectations.'

At 8:55am: (LON:FFX) Fairfx Group Plc Ord 1p share price was +5.5p at 143.5p

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