FAIRFX Group PLC First day of dealings on AIM (1720O)

TIDMFFX

RNS Number : 1720O

FAIRFX Group PLC

05 August 2014

EMBARGOED FOR RELEASE AT 8AM, 5 AUGUST 2014

FAIRFX GROUP plc

(the "Company" or "FAIRFX")

First day of dealings on AIM

FAIRFX, a leading low cost multi-currency payments provider, is pleased to announce the admission today of its ordinary shares to trading on the AIM market of the London Stock Exchange and the commencement of dealings in its ordinary shares under the ticker FFX.

Admission Details:

-- The Company has raised approximately GBP2.6 million before expenses through the placing of 5,726,667 new ordinary shares (the "Placing")

-- The total number of ordinary shares in issue at Admission is 67,750,628 giving the Company a market capitalisation of approximately GBP30.5 million, based on the placing price of 45 pence per ordinary share

-- The IPO will provide the Company with capital primarily to fund its marketing programme and enhance its existing product offering and products under development, thus enabling further growth of FAIRFX which should result in an increase in the Group's share of the multicurrency payments market. Cenkos is acting as Nominated Adviser and Broker to the Company

Overview of FAIRFX

   --     Well placed to capitalise on the rapidly growing online multi-currency payments market

-- Recognised as a leading provider of foreign exchange payments and provides transactional services to both personal and business customers

-- Strong historic growth, revenue grew by 46 per cent. from GBP221.0 million (FY2012) to GBP322.4 million (FY2013)

   --     Gross profit also grew from GBP2.1 million to GBP2.8 million in the period FY2012 to FY2013

-- Consistently top ranked for its currency card offering in respect of rates and customer satisfaction by consumer ratings companies by MoneySavingExpert.com and MoneySupermarket.com

-- Partnered with Concur Technologies, Inc. a leading provider of integrated travel and expense management solutions to provide an integrated service across their two respective platforms

-- 'White Label' distribution deals for the use of its P2P matching platform, including agreements with EasyJet, ThinkMoney and Pitney Bowes

Ian Strafford-Taylor, Chief Executive of FAIRFX commented, "We are delighted to have successfully listed on the London Stock Exchange and pleased with the level of support received from investors who recognise the growth potential for FAIRFX. Our decision to become a public company will allow us to enhance our profile and credibility and provide us with access to funding for our aggressive growth plans. We are looking forward to a successful future as an AIM listed company."

 
For further information please contact: 
 
 FAIRFX Group plc                        Tel: +44 (0)20 7778 9308 
 Jason Drummond, Non-Executive Chairman 
 Ian Strafford-Taylor, CEO 
 
 Newgate Threadneedle                    Tel: +44 (0)20 7653 9850 
 John Coles 
 Robyn McConnachie 
 
  Cenkos Securities plc                   Tel: +44 (0)20 7397 8925 
 Max Hartley 
  Callum Davidson

About FAIRFX

FAIRFX is a leading international payment services provider, incorporated in the UK in 2005. The Company has developed a cloud-based peer-to-peer payments platform that enables personal and business customers to make easy, low-cost multi-currency payments in a broad range of currencies and across a range of FX products all via one integrated system. The FAIRFX platform facilitates payments either direct to Bank Accounts or at 30 million merchants and over 1 million ATM's in a broad range of countries globally via Mobile apps, the Internet, SMS, wire transfer and MasterCard/VISA debit cards.

FAIRFX operates within the rapidly growing online multi-currency payments market and provides transactional services to both personal and business customers through four channels being Currency Cards, Physical Currency, FairPay and Dealing. The Currency Card and Physical Currency offerings facilitate multiple overseas payments at points of sale and ATM's whereas the FairPay and Dealing products support wire transfer foreign exchange transactions direct to Bank Accounts.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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