FairFX Group Plc (LON:FFX) expects 2019 to be “another year of significant growth” as it reported strong numbers for 2018.
In a trading update for the year ended 31 December, the e-banking and international payments group said adjusted earnings (EBITDA) were expected to be around £7.5mln, up from £1mln the year before, while turnover surged 111% to £2.36bn.
WATCH: FairFX Group enjoys strong start to 2019 after year of 'significant' growth
Excluding the effect of the group’s acquisitions of digital banking platform CardOne in August 2017 and travel currency provider CityForex in February 2018, turnover during the year rose 22%.
FairFX added that the growth had been driven by a continued focus on its core products of international payments and prepaid cards, which were up 134% and 8% respectively.
Usage of the firm’s corporate card platform had also increased by 30% on 2017 while 315,000 new UK retail customers had been acquired taking the total to 1.04mln.
Over the year, the company said it had continued to invest in its CardOne business to pursue “identified opportunities” that were expected to be realised in the current fiscal year.
A focus to remove a layer of the supply chain and improve margins in the corporate card division was also making good progress but had been “slower than the board would have liked”, FairFX said, adding that the move was expected to be finalised and contribute improved margins in the current period.
Looking ahead, the firm said that 2019 was expected to be a year of “significant growth” despite what it said were “macro-economic headwinds” caused by ongoing Brexit negotiations which had depressed sterling’s value against the dollar and euro over the year, weighing on customer sentiment and activity.