FairFX breaks £10m barrier for monthly card loads

3rd Nov 2016 13:24

(ShareCast News) - Budget currency payments service FairFX breaks the £10m barrier for monthly loads while turnover for the quarter increased. The company's overall performance remains in line with market expectations as for the quarter ended 31 October, turnover climbed 45% year-on-year to £314m, while turnover for the year rose 24% to £656m.The company's corporate card platform broke the £10m barrier for monthly loans for the first time in October and doubled within six months, as the company increased its focus on the platform.During the 10 months to 31 October, volume through the corporate card platform soared 92%, compared to the same period last year.Chief executive Ian Strafford-Taylor said: "The business continues to make great strides and has performed well during what has been a volatile period for the currency markets. We are also particularly encouraged that the corporate card platform has been achieving such strong growth against this backdrop."Meanwhile, the AIM-listed company appointed James Hickman as chief commercial officer, effective from 1 December.Hickman was previously managing director at rival Caxton FX and will be responsible for driving revenue growth across all product lines, particularly in the corporate sector.Strafford-Taylor added that Hickman was "strategic hire" and he will be playing an "integral role in the next stage of our growth."Shares in FairFX were up 1.69% to 28.22p at 1046 GMT.