LONDON (Alliance News) - Multi-currency payments service provider FairFX PLC said Friday 2018 profit and revenue surged on the back of a "transformational" year, while 2019 has started strongly.
In 2018, pretax profit surged to GBP2.1 million from GBP229,449 the year prior. This was after revenue rose 68% to GBP26.1 million from GBP15.5 million the year before.
"2018 was a transformational year in the evolution of the Group," Chief Executive Ian Strafford-Taylor said.
"We continued our strong growth, both organic and via acquisition, and combined this with significant investment in our people and technology to lay the foundations for our ongoing expansion."
FairFX does not pay a dividend.
"The addition of the City Forex business in February provided both an increase in revenues and a payments platform that combines a full front-to-back process which is now yielding efficiencies and capacity across the whole group," Strafford-Taylor added.
In February 2018, FairFX bought payment peer City Forex Ltd for GBP6.0 million.
"The group has enjoyed a strong start to 2019, with the first quarter delivering a further jump in turnover along with improved margins helped by supply chain rationalisation and improved commercial terms," Strafford-Taylor continued.
In 2018, the value of currency handled was "in excess" of GBP2.3 billion. This was more than double the GBP1.1 billion reported the year prior.
"The investments in technology we made in 2018 are already bearing fruit in 2019. Against this backdrop, the board is confident in achieving expectations for the full year."
Shares in FairFX were 9.1% higher at 103.68 pence on Friday.