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26 Apr 2019 | 08:24

FairFX profits soar as turnover more than doubles amid strong growth in international payments

Payments group FairFX said annual profits soared as annual turnover more than doubled led by strong performance in its International Payments. For 2018, adjusted profit before tax surged 650% to £6.79m from a year earlier as and revenue rose 69% to £26.1m as turnover rose 111% to £2.3bn. The revenue growth slowed from a year earlier, however, as 'a key part of the growth stemmed from International Payments (increase of 69%) and Corporate Cards (increase of 31%), which have lower revenue margins than retail cards,' the company said. Adjusted earnings (EBITDA) rose more than 680% to £7.51m for the year from a year earlier that was in-line with guidance given in January. 'The Board is confident of achieving expectations for the full year,' FairFX said.

At 8:24am: (LON:FFX) Fairfx Group Plc Ord 1p share price was +6p at 101p

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