FairFX turns in strong first-half despite sterling weakness

FairFX brushed off the impact of sterling's weakness as it turned in a strong set of first-half results on Wednesday.

The electronic and international payments outfit saw revenue almost double to £12m from in the six months ended 30 June, sending turnover soaring 146% year-on-year to £1.07bn.

EBITDA grew more than tenfold to £2.7m and re-tax profits rocketed 1,448% to £2.6m thanks, in part, to the significant improvement in adjusted net profit margin from 2.7% to 21.9%.

FairFX said momentum had continued into the second half of its trading year, with total turnover for July and August up 152% to £472.0m.

Ian Strafford-Taylor, FairFX's chief executive, said: "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."

As of 0840 BST, FAIRFX shares had picked up 3.63% to 143.01p.