FairFX Group Plc (LON:FFX) told investor that revenues for 2016 were ahead of management expectations.
Turnover for the twelve months ended December 31 exceeded £795mln, representing 27% growth from the preceding year. The company noted that similarly revenue for the year is also due to be ahead of its expectations.
Significantly, money exchange and services group said that growth accelerated in the second half of 2016 with turnover for the six month period coming in some 45% above the same period of 2015.
Both the international payments (up 49%) and prepaid cards (up 25%) led this better than expected phase of growth.
FairFX’s corporate card platform, which is identified as a strategic priority for the group, saw turnover rise 98% from the prior year.
The company said its focus in 2017 will be on continuing broad based growth, whilst targeting the higher margin core segments of its business.
"The performance of FairFX during 2016 gives us great confidence for the prospects for 2017 and beyond,” said chief executive Ian Strafford-Taylor.
“The company gathered momentum as the year progressed as borne out by the growth figures for the second half of the year.
“We have a clear roadmap internally for what we will work on in the first half of 2017 and we see this year as another exciting period for FairFX."
FairFX noted that it has now passed the critical mass at which it has the operational efficiency to insource many processes, and as such it sees potential to improve efficiency and cost some costs to improve margins. It now plans to carry out a supply-chain review to cover all aspects of the business.