Trading Statement

RNS Number : 4506C

FAIRFX Group PLC

19 January 2015

 



19 January 2015

FAIRFX Group plc

("FAIRFX" or "the Group")

Trading Statement

Strong trading in 2014 and substantial growth prospects for 2015

FAIRFX, a leading low cost, multi-currency payments provider, which joined AIM last year, is making its first post-financial period trading statement as it enters a close period for the year ended 31 December 2014.

Trading Performance

Multi-pay and single-pay product revenues were ahead of our expectations resulting in total gross revenues of in excess of £470m which represents growth in excess of 45% year on year.

Another 42,303 customers were added in the second half of the year, bringing the year-end total to 86,397 new customers, representing year-on-year growth of 46%. This reflects the success of our continuing aggressive customer acquisition strategy, supported by increased marketing and IT spend.

Commenting on the outlook, Chief Executive Officer, Ian Strafford-Taylor, said:

"A successful placing of new shares in August and again last month has added the financial firepower to enable an acceleration of our customer acquisition strategy, of both corporate and individual clients. We will continue to grow FAIRFX through a targeted increase in marketing spend allied to planned IT development.

"In addition, in 2015 we will add new locations for FAIRFX outside of the UK which will yield benefits for both customers and FAIRFX because our peer-to-peer platform enables us to disintermediate the marketplace for our back-to-back hedging and match both sides of a trade. The benefits of our stated strategy of growing customers and volumes through our platform whilst taking no FX risk were amply demonstrated last week as the removal of the Swiss Franc peg and subsequent market turmoil did not affect the business at all as we run no currency exposure.

"The compelling logic for a land-grab of customers for FAIRFX remains in place and we firmly believe that we remain the best rate and service offering in the foreign exchange market place. We remain confident that 2015 will see us achieve further strong growth in all our KPI's."

Enquiries:

FAIRFX Group plc                                                             [phone]

Ian Strafford-Taylor, CEO

Square1 Consulting                                                        [phone]

David Bick/Mark Longson

Cenkos Securities plc                                                     [phone]

Max Hartley/Callum Davidson

 

END

 

 

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