International payments service FairFX (LON:FFX) saw shares rise nearly 6 percent in early morning trade, after revenue grew over 30 percent to £2.6 million.
The company, who provide pre-paid currency cards for international payments, saw a 32.9 percent increase in transactions processed in the first quarter of 2017.
80,802 new customers were added to the business in the full year to 31st December 2016, bringing the total for the year to 588,192.
International payments turnover rose 27.9 percent for the quarter to £107.2 million, with the corporate side of the business seeing an impressive 103.3 percent growth in turnover.
Ian Strafford-Taylor, Chief Executive Officer, said the company had a “very successful 2016”, “beating expectations in terms of all KPI’s, with turnover increasing strongly, revenue breaking through the GBP10 million barrier and improved margins boosting gross profit.”
“FairFX also made big strides towards profitability, with the loss for the year more than halved compared to 2015 and profitable trading achieved in the final quarter of the year”, Strafford-Taylor continued.
Looking towards 2017, he said: “With the continuation of the Company’s strategy to maintain momentum in the retail product, whilst successfully growing the corporate offering, the board is confident that the outlook for the full year remains in line with market expectations.”
Shares in FairFX are currently up 5.80 percent to 59.25 (0854GMT).
