This morning, the share price of FairFX, a multicurrency payments fintech, increased by as much as 15 percent after announcing a turnover that amounted to more than £1 billion for the first half of this year boosted by the recent acquisition spree of the company.
This morning, the company reported in a regulatory filing that the total turnover for the first six months of the year has increased by 146.2 percent year-on-year from the £434m during the previous year. The said report included the results from City Forex and Cardone, the newly-acquired entities of the company.
The firm has said that it is confident that it will meet the full-year expectations, as it targets the digital banking sector to come out as a renowned player among the likes of Starling, Revolut, and Monzo.
The like-for-like turnover for international payments and prepaid cards rose 39.1 percent to £334.6m and 8.5 percent to £181.7m, respectively. It was bolstered by the acquisitions of City Forex and Cardone in these two areas.
When the acquisitions are excluded from the equation, the like-for-like turnover was up by 22.8 percent to £532.9m.
The group also reported that the year-on-year (YOY) turnover in international payments was up by 28.3 percent and was backd by the additional volumes that were generated from City Forex which was able to achieve a YOY turnover growth of 39 percent.
Ian Strafford-Taylor, the chief executive of the company stated: “The performance of FairFX during the first half of 2018 demonstrates the execution of the Company’s strategy to scale its core FX services whilst evolving the digital banking offering.”
He added: “The substantial growth in turnover has also been achieved without reduced margins and this gives us great confidence for the prospects for 2018 and beyond.”
The share price of FairFX was up by 13.25 percent at 129p in late afternoon trading, taking it over the market cap of £200.5 million.