FAIRFX Group PLC Trading Statement (5659T)
July 21 2015 - 2:00AM
UK Regulatory
TIDMFFX
RNS Number : 5659T
FAIRFX Group PLC
21 July 2015
21 July 2015
FAIRFX Group plc
("FAIRFX" or "the Group")
Trading Statement
Strong trading in H1 with further growth prospects for the
remainder of 2015
FAIRFX (AIM: FFX) the FinTech travel money and foreign exchange
specialist is pleased to provide a trading update for the six
months ended 30 June 2015.
Trading Performance
Total turnover for the six months to 30 June 2015 was
approximately GBP310 million, an increase of in excess of 40% year
on year, building on the strong growth seen in 2014.
Total new customers added in the half year were 60,495, a growth
of 37% year on year bringing total customers to 465,205 as at 30
June. More importantly, given the stated strategy to focus on the
acquisition of card customers in the multi-pay space, a total of
41,808 new cards were sold, an increase of 55% year on year. Given
the major marketing push for 2015 started in June, the growth in
the first half can largely be attributed to the momentum built in
2014.
On 1 June, FAIRFX commenced a focussed marketing campaign with
the launch of a new TV advert and a website re-design that
incorporated a mobile-responsive framework. Both of these
initiatives were completed on schedule and June was the first month
that reflected the benefits directly, with 13,018 new cards sold,
an increase of over 83% year on year. This strong growth has
continued into July with 7,633 cards sold as of 19(th) July 2015,
an increase of 95% year on year. As further proof that the
marketing campaign is working, a YouGov survey commissioned by the
Company has shown the new TV advert helped grow brand awareness by
more than 70% among UK adults and an even better increase of 88%
within our core target audience of ABC1 adults(1) . Furthermore,
the website re-design and introduction of a mobile-responsive
format have improved the conversion of traffic to new card
customers by up to 57%(2) .
Commenting on the performance and outlook, Chief Executive
Officer, Ian Strafford-Taylor, said:
"We are delighted with our trading in the first six months and
in particular the response to our marketing campaign. Our focus for
2015, as outlined in our January trading statement, was to grow
FAIRFX through a targeted increase in marketing spend allied to
planned IT development, and this is precisely what we have
done.
"In the first half we have put in place all the pieces to drive
success in our key summer seasonal sales period, including our new
TV advert, a complete re-work of our website, which included making
it mobile-responsive, and enhancing our mobile apps. We achieved
this on schedule for a June 1st TV launch and the success of this
strategy is reflected in the numbers of cards we have sold in June
and July and we expect this to continue through the summer.
"The second half of the year will be dominated by continuing
customer acquisition coupled with active cross selling of our other
products, especially FairPay and Dealing. In addition, we will
start the process of adding 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.
"We have spoken before of the compelling logic for a land-grab
of customers for FAIRFX and the performance of the business across
the first half and especially in June and the first half of July
have provided us with more concrete evidence of the success of this
strategy."
Notes:
1. A YouGov survey of GB adults shows that prompted brand
awareness has grown by over 70% between 7(th) /8(th) May (Sample:
2,340 GB adults) and 22(nd) /23(rd) June 2015 (Sample: 2,045 GB
adults). The same survey further shows that prompted brand
awareness among ABC1 Men 45+ who watch Sky Sports F1 has grown by
88% in the same time period.
2. Conversion of traffic to new cards measured using Google
Analytics, comparing the periods 1(st) - 21(st) May and 22(nd) June
- 6(th) July 2015.
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
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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