FairFX turnover soars in year of 'significant growth'

Electronic and international payments outfit FairFX saw turnover and earnings soar in its last trading year thanks to a continued focus on its core offerings.

FairFx turned in a 111% increase in turnover to £2.36bn in the twelve months ended 31 December and now anticipates an EBITDA of roughly £7.5m - a marked improvement on the £1m reported a year earlier.

Turnover was up 22% excluding the effect of FairFx's acquisitions of CardOne Banking in August 2017 and City Forex in February 2018.

Growth was driven by the AIM-listed firm's continued focus on its core products of International Payments and Prepaid Cards, up 134% and 8%, respectively.

Looking forward, FairFx said: "Whilst Brexit uncertainty depressed Sterling against the Dollar and Euro during FY18 weighing on customer sentiment and activity, the group demonstrated significant growth through the year."

Although FairFx pointed out that ongoing Brexit negotiations continued to provide macro-economic headwinds, the group's board was confident that 2019 would be another year of "significant growth".

As of 1050 GMT, Fairfx shares had dipped 3.27% to 103.50p.