 announced its first net profit since floating on the AIM market nearly three years ago, in an update to investors on Wednesday.){kind=link}
Foreign currency service FairFX (LON:FFX) announced its first net profit since floating on the AIM market nearly three years ago, in an update to investors on Wednesday.
The profit for the first half came in ahead of management expectations, based on a 25.8 percent turnover increase year on year to £433.8 million. The company didn’t disclose the exact profit figure in the update on the first half, but said a combination of a more profitable business mix, leading to an improved gross margin, and cost benefits of rationalising the supply chain resulted in the profitable period.
In first half of 2016, FairFX suffered a pretax loss of £887,818 and for all of 2016, FairFX recorded a loss of £1.4 million.
FairFX CEO, Ian Strafford-Taylor, commented:
“The performance of the Group in posting a profitable first half is a significant achievement. Historically the first half has been weaker than the second half and to reach this point ahead of our expectations is an excellent result. FairFX is well positioned to continue its strong growth and we are confident about making further progress in 2017.”
The group said its outlook “remains positive” and plans to further improve the functionality and user experience of its platform in the second half of 2017.
“Historically the first half has been weaker than the second half, and to reach this point ahead of our expectations is an excellent result. FairFX is well positioned to continue its strong growth and we are confident about making further progress in 2017,” Strafford-Taylor continued.
FairFX is a currency payments service providing transactional services to both personal and business customers, including currency cards, physical currency, FairPay and dealing. Shares in the company are currently trading down 2.52 percent at 58.00 (1027GMT).