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FairFX firing on all cylinders

The most recent week was a record for the year, with turnover at levels not seen since last July. Retail card loads and spending are both running ahead of 2015.

picture of various foreign banknotes to denote currency trading.
The company has developed a cloud-based currency platform for retail customers and business.

FairFX Group Plc (LON:FFX) said the commercial momentum reported at the last update had continued.

In fact the most recent week was a record for the year, with turnover at levels not seen since last July. Retail card loads and spending are both running ahead of 2015.

FairFx has developed a cloud-based payments platform that enables personal and business customers to make easy, low-cost multi-currency payments.

The company said the corporate business has continued to experience “good levels of growth”, adding that it will benefit from a number of improvements to the platform scheduled for the second-half.

Demand for FairFx’s its low cost multi-currency payments services has continued unimpeded by the European referendum, which has hit a number of other travel-related businesses, it reported.

In a wide-ranging update, it said it had launched the full-service FairFX mobile app ahead of schedule, while summer marketing campaign set to launch on June 6.

Improvements to the FairFX website, meanwhile, should aid the momentum.

Chief executive Ian Strafford-Taylor said: "We are encouraged by the progress made since our last announcement in terms of all our KPI's, ranging from new customers to loading and spending on retail cards.

“The new mobile app is another example of our commitment to investing in the platform and improving customer experience.

“Crucially, because we can now acquire customers via the app, this is in place for the launch of the summer marketing campaign, which includes an updated TV advert and targeted digital marketing initiatives.

“FairFX is well positioned to continue its strong growth and we look forward to updating the market on further progress at our first-half trading update."

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