AGM Statement

RNS Number : 2499Q

FAIRFX Group PLC

05 June 2018

 

5 June 2018

FairFX Group plc

("FairFX" or "the Group" or "the Company")

AGM Statement

FairFX, the e-banking and payments group, announces that at its Annual General Meeting, which is to be held at 12.15pm today, John Pearson, Chairman, will make the following statement:

"2017 was a transformational year for FairFX as full year profitability was achieved for the first time since its admission to AIM and the Group delivered an impressive rate of growth and expansion. 

"The Group made two transformational acquisitions during the year, which have enabled FairFX to significantly broaden its growth opportunities as it makes further advances into the digital banking sector.

"The Group's performance in 2018 to date has been encouraging with continued strong growth. In addition, the Group is already reaping the benefits of the acquisition of City Forex in February 2018 including the migration of the FairFX international payments business onto the City Forex proprietary platform, thus improving efficiencies. The Board expects the Group's trading performance for the full year to be in line with market expectations."

-Ends-

Contact:

FairFX Group plc         Ian Strafford-Taylor, CEO	[phone]
Cenkos Securities plc Max Hartley/Callum Davidson	[phone]
Yellow Jersey                          Charles Goodwin Katie Bairsto Abena Affum	[phone] [phone] [phone]

About FairFX

FairFX is a leading challenger brand in banking and payments that disintermediates the incumbent banks with a superior user experience and low-cost operating model. This enables personal and business customers to make easy, low-cost multi-currency payments in a broad range of currencies and across a range of FX products all via one integrated system. The FairFX platform facilitates payments either direct to Bank Accounts or at 30 million merchants and over 1 million ATM's in a broad range of countries globally via Mobile apps, the Internet, SMS, wire transfer and MasterCard/VISA debit cards.

FairFX provides banking and payment services to both personal and business customers through four channels: Currency Cards, Physical Currency, International Payments and Bank Accounts. The Currency Card and Physical Currency offerings facilitate multiple overseas payments at points of sale and ATM's whereas the International Payments channel supports wire transfer foreign exchange transactions direct to Bank Accounts. For Corporates, FairFX has a market-leading business-expenses solution based around its corporate prepaid platform and card that can yield significant savings on a Corporate's procurement through better controls and improved transparency and also streamline the procurement process thus saving administrative costs. Through the recent acquisition of CardOneBanking, FairFX now has the capability to offer retail and business Bank Accounts with all the functionality you would expect from a Bank, namely faster payments, BACs, direct debits, international payments and a debit card.

 

END

 

 

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