FAIRFX, a leading low cost multi-currency payments provider, is pleased to announce the admission today (5th Aug 2014) of its ordinary shares to trading on the AIM market of the London Stock Exchange and the commencement of dealings in its ordinary shares.

https://www.fairfx.com/

StockMarketWire.com
Banking service FairFX reiterated Wednesday it was 'confident' of meeting full-year expectations after profit rose sharply amid ongoing corporate platform and international payments growth.

For the six months to 30 June, adjusted profit before tax rose to £2.6m from £0.18m a year earlier and group revenue increased by 97% to £12.0m.

Turnover was up 145% to £1.07bn, from £434.8m the previous year, and 23% on a like-for-like basis.

The corporate platform, which grew 28% and international payments, which grew 131% and 39% on a like-for-like basis, remained key areas of growth for the company.

Adjusted net profit margin increased by a factor of 10 to 21.9%.

'The business has delivered an excellent first half performance both operationally and in terms of bottom-line,' said Chief Executive Officer of FairFX, Ian Strafford-Taylor.

Top line turnover growth has continued, and with the Group operationally geared revenue is increasingly flowing through to profit. This trend is expected to continue in the second half of the year as we grow further and rationalise the supply chain.'

'Achieving this performance against a backdrop of weak Sterling, combined with less people taking holidays in 2018 due to the warm summer in the UK, bears testament to the great strides we have made in recent years to broaden the product mix and reduce our reliance on revenues from foreign exchange.'

'The outlook for the Group for the balance of the year remains positive despite Brexit weighing on Sterling and providing a headwind. We are actively improving the supply chain both in terms of robustness and improved economics, which we strongly believe will feed through in the second half. We also have an exciting pipeline of product enhancements for the remainder of 2018, and we look forward to updating the market in due course.'

'Against this background, we remain confident that the full year results will be in line with expectations.'

FairFX to gain access to the US Market
FairFX, the low-cost multicurrency payments and e-banking service, is pleased to announce that it has entered into a binding term sheet with Metropolitan Commercial Bank to offer customers its payments services across the USA. The Company expects to enter into a multi-year contract in Q1 2019 subject to final confirmatory due diligence having been completed.

Under the current regulatory permissions of the FairFX Group, transacting with US citizens and businesses has generally not been possible, causing the Group to turn away regular business. This contract, once signed, will enable FairFX to service this demand and begin to grow a customer base in the USA, representing another point of differentiation for the Group.

The term sheet covers both international payments and prepaid card issuance. In common with FairFX in the UK, Metropolitan Commercial Bank is an Issuing Bank in the USA. The Board believes that there is a strong demand for the FairFX Corporate Expense platform across America and this agreement allows the Group to roll out the platform more widely.

The Group's initial focus for the US market is to have its International Payments service operational in Q1 2019, whilst card issuance is planned to go live in Q2 2019, due to the logistics and supply-chain lead-times involved.

Nice little move this morning but still sitting on a huge paper loss.

StockMarketWire.com
Payments group FairFX said annual turnover more than doubled led by strong performance in its International Payments.

Full year turnover rose 111% to £2.3bn, in line with management expectations. Excluding the contribution from acquisitions of CardOne Banking in August 2017 and City Forex in February 2018, turnover was up 22%.

International Payments were up 134% and Prepaid Cards up 8%.

The company expected to report adjusted earnings (EBITDA) of approximately £7.5m.

'The board is pleased to confirm, however, it expects 2019 to be another year of significant growth,' FairFX said.

Harrycat I have a some of these can’t believe how much they are down

I used to hold FFX but sold out a while ago, just because I had a decent profit.
I keep watching and think I should really get back in, but as you say, the sp continually drifts, even with good news.
I don't have an answer why, except that the whole banking sector seems to be out of favour at the moment.
I still think this is a well run company with lots of potential to expand. I have a € card with them (their exchange rate is pretty good) and will continue to watch the sp for a decent entry point. Not sure when that will be though!

What is happening with this share .....

FairFX granted settlement accounts at Bank of England, Gains direct access to Faster Payments Scheme
FairFX, the e-banking and international payments group, announces that, through its subsidiary Spectrum Payment Services ("SPS"), it has been granted settlement accounts with the Bank of England and, in turn, has become a Direct Participant of the UK Faster Payments Scheme ("FPS").

FPS is one the fastest growing UK payment systems and the only real-time 24/7 service that is in increasing demand from personal and business customers using both desktop and mobile applications.

The Company's direct connection to FPS has been enabled by the New Access Model that extended access to Real Time Gross Settlement ("RTGS") accounts held at the Bank of England, as part of a wide-ranging effort to inject more competition and innovation into the UK's payments systems.

FairFX is only the fourth non-Bank to become a directly connected and directly settling member of FPS.

Furthermore, with access to RTGS accounts, FairFX is now eligible to join other UK Payment Schemes such as BACS and CHAPS. Alongside this development, FairFX will own its sort code, which, in conjunction with its SWIFT membership, means it can now create IBANs for customers with no other financial institution involved in the process. This will benefit the Company through enhanced economics via reduced cost per transaction coupled with enhanced customer acquisition and retention via instant payments which will vastly enhance the user experience and satisfaction.