LONDON (Alliance News) - Currency exchange provider FairFX Group PLC on Thursday said it has seen strong growth across its core currency cards and international payments business in the first half of 2016.
FairFX said revenue for the half grew 9.0% year-on-year to more than GBP341.0 million, ahead of its expectations. Gross margins also improved, and the company was boosted by a record week following the UK's European Union referendum.
Prepaid cards revenue grew 15% in the half, while international payments revenue increased 23%.
"The positive momentum has continued since our last update in terms of all our KPI's ranging from new customers, loading and spending on retail cards and impressive growth in the corporate card business. FairFX is well positioned to continue its strong growth, and we look forward to updating the market on further progress when we announce our interim results," said Chief Executive Ian Strafford-Taylor.
Shares in FairFX were down 6.1% to 29.12 pence Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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