FAIRFX Group PLC Key Strategic Hire and Trading Update (1939O)
November 03 2016 - 3:00AM
UK Regulatory
TIDMFFX
RNS Number : 1939O
FAIRFX Group PLC
03 November 2016
03 November, 2016
FairFX Group plc
("FairFX" or "the Group" or "the Company")
Key Strategic Hire and Trading Update
FairFX, the low cost multi currency payments service, is pleased
to provide the market with a trading update. Key items are:
- FairFX hires James Hickman as Chief Commercial Officer
- Corporate card platform breaks GBP10 million barrier for monthly loads
- Turnover in the four months to 31 October 2016 up 45% year-on-year
The Group has significantly strengthened its senior management
team through the appointment of Mr. James Hickman as Chief
Commercial Officer, effective from 1 December 2016. James joins
FairFX from key industry competitor Caxton FX where he was Managing
Director and instrumental in establishing and growing its prepaid
currency card programme. At FairFX, James will be responsible for
driving more revenue growth across all product lines with a
principal focus on the corporate sector.
The Group's corporate card platform has performed particularly
well in 2016, benefitting from the increased strategic focus that
was announced in late 2015. Additional functionality has been added
to the platform and there is a pipeline of further enhancements
still to come. Last month a key milestone for the platform was
passed with monthly loads exceeding GBP10 million for the first
time and having doubled within just 6 months. During the 10 months
to 31 October 2016, volume going through the corporate card
platform is up by 92% compared to the same period for 2015.
The Group's overall performance has continued to be strong since
reporting its interim financial results and remains in line with
market expectations. Turnover in the four months to 31 October 2016
is up 45% year-on-year to GBP314 million, while turnover for the
year to 31 October 2016 is up 24% to GBP656 million.
Ian Strafford-Taylor, Chief Executive Officer, commented: "The
business continues to make great strides and has performed well
during what has been a volatile period for the currency markets. We
are also particularly encouraged that the corporate card platform
has been achieving such strong growth against this backdrop.
"I am also delighted that James Hickman is joining FairFX as
Chief Commercial Officer. This is a key strategic hire for FairFX
and James has an outstanding record in the currency payments
industry. He will be playing an integral role in the next stage of
our growth."
ENDS
FairFX Group plc
Ian Strafford-Taylor,
CEO +44 (0) 20 7778 9308
Cenkos Securities plc
Max Hartley/Callum Davidson +44 (0) 20 7397 8925
Yellow Jersey PR
Charles Goodwin +44 (0) 7747 788 221
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.
For Corporates, FairFX has a market-leading business-expenses
solution based around its corporate prepaid card allied to a
platform allowing the Corporate to better control expenses and
improve transparency whilst removing administrative burdens from
staff.
In addition, FairFX has entered into a number of "white-label"
arrangements for the use of its P2P matching platform. Partners
include easyjet, ThinkMoney, Pitney Bowes and Quintessentially.
FairFX has also partnered with Concur Technologies, Inc. a leading
provider of integrated travel and expense management solutions with
over 25 million users globally. Such relationships provide strong
support for FairFX's customer acquisition strategy.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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