FAIRFX Group PLC Trading Statement (4506C)
January 19 2015 - 2:00AM
UK Regulatory
TIDMFFX
RNS Number : 4506C
FAIRFX Group PLC
19 January 2015
19 January 2015
FAIRFX Group plc
("FAIRFX" or "the Group")
Trading Statement
Strong trading in 2014 and substantial growth prospects for
2015
FAIRFX, a leading low cost, multi-currency payments provider,
which joined AIM last year, is making its first post-financial
period trading statement as it enters a close period for the year
ended 31 December 2014.
Trading Performance
Multi-pay and single-pay product revenues were ahead of our
expectations resulting in total gross revenues of in excess of
GBP470m which represents growth in excess of 45% year on year.
Another 42,303 customers were added in the second half of the
year, bringing the year-end total to 86,397 new customers,
representing year-on-year growth of 46%. This reflects the success
of our continuing aggressive customer acquisition strategy,
supported by increased marketing and IT spend.
Commenting on the outlook, Chief Executive Officer, Ian
Strafford-Taylor, said:
"A successful placing of new shares in August and again last
month has added the financial firepower to enable an acceleration
of our customer acquisition strategy, of both corporate and
individual clients. We will continue to grow FAIRFX through a
targeted increase in marketing spend allied to planned IT
development.
"In addition, in 2015 we will add new locations for FAIRFX
outside of the UK which will yield benefits for both customers and
FAIRFX because our peer-to-peer platform enables us to
disintermediate the marketplace for our back-to-back hedging and
match both sides of a trade. The benefits of our stated strategy of
growing customers and volumes through our platform whilst taking no
FX risk were amply demonstrated last week as the removal of the
Swiss Franc peg and subsequent market turmoil did not affect the
business at all as we run no currency exposure.
"The compelling logic for a land-grab of customers for FAIRFX
remains in place and we firmly believe that we remain the best rate
and service offering in the foreign exchange market place. We
remain confident that 2015 will see us achieve further strong
growth in all our KPI's."
Enquiries:
FAIRFX Group plc +44 (0) 207 778 9308
Ian Strafford-Taylor, CEO
Square1 Consulting +44 (0) 207 929 5599
David Bick/Mark Longson
Cenkos Securities plc +44 (0) 207 397 8925
Max Hartley/Callum Davidson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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