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FairFX sees busiest ever period amid Brexit

Published: 07:33 21 Jul 2016 BST

Different currencies, notes in 10s
Brexit helped lift the group's profile, as well as stimulate business activity.

After a quick pause, consumers are adapting to lower Sterling rates following the Brexit vote, currency exchange and travel money firm FairFX Group Plc (LON:FFX) highlighted.

FairFX, releasing an update on the first half, told investors that the EU referendum and the Brexit result stirred up the busiest ever period for the company.

The historic events have helped lift the group's profile, as well as stimulate business activity.

“Whilst many competitors ceased accepting transactions for some or all of this period, FairFX remained fully operational throughout,” FairFX said.

“This serves to demonstrate the robustness and scalability of the company's systems.”

FairFX highlighted strong growth across core products - currency cards and international payments – with turnover up 9% in the first six months of the year.

At £341mln, turnover for the period exceeded company expectations.

Moreover, FairFX noted that it was also benefitting from a more profitable business mix and gross margins improved. Additionally, a digital revamp is said to have boosted new customer acquisitions and helped an increase in transactions among existing customers.

Ian Strafford-Taylor, FairFX chief executive, said: "The positive momentum has continued since our last update in terms of all our KPI's ranging from new customers, loading and spending on retail cards and impressive growth in the corporate card business.

“FairFX is well positioned to continue its strong growth and we look forward to updating the market on further progress when we announce our interim results."

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