LONDON (Alliance News) - Foreign currency payment firm FairFx Group PLC said Friday 2018 profit and turnover both jumped as its core products saw strong growth, with more anticipated in 2019.
In 2018, turnover more than doubled to GBP2.36 billion from GBP1.12 billion the year prior. This was in line with management expectations. Excluding the impact of its CardOne Banking and CityForex acquisitions, turnover was 22% higher.
Adjusted earnings before interest, taxes, depreciation and amortisation is expected to be GBP7.5 million, up from GBP1.0 million the year before.
Growth was driven by FairFx's core International Payments and Prepaid Cards products, for which turnover was 134% and 8% higher respectively. During the year, the firm gained a further 315,000 new UK retail customers taking its total to 1.0 million.
Looking forward, FairFx expects margins to improve as it look to remove a layer of supply chain at its corporate card division.
"Whilst Brexit uncertainty depressed sterling against the dollar and euro during 2018 weighing on customer sentiment and activity, the group demonstrated significant growth through the year," FairFx said in a statement.
"Ongoing, and even potentially lengthened, Brexit negotiations continue to provide macro-economic headwinds for the business," FairFx continued. "The board is pleased to confirm, however, it expects 2019 to be another year of significant growth."
Shares in FairFx were 3.7% lower at 103.00 pence on Friday.