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FairFX shares lifted as supply chain streamlining completes ahead of schedule

The firm said as a result of “better financial terms” secured with its existing suppliers, it would benefit from “a greater share of revenues” going forward
Foreign currency
FairFX had been looking to remove a layer of its supply chain as well as improve margins in its corporate card division

FairFX Group PLC (LON:FFX) shares were lifted in mid-morning Monday after the rationalisation of its supply chain was completed ahead of schedule, putting it in line for more revenues going forward.

The e-banking and international payments firm said as a result of “better financial terms” secured with its existing suppliers, it would benefit from “a greater share of revenues” going forward.

READ: FairFX gains “significant endorsement” as it is granted access to Bank of England settlement accounts

FairFX had said in a trading update back in January that it was looking to remove a layer of its supply chain as well as improving margins in its corporate card division.

Ian Strafford-Taylor, chief executive of FairFX, said an “integral part” of the company’s strategy was to enhance its supply chain “both in terms of internalising processes where appropriate to increase share of revenues and securing better commercial terms to reduce our costs”, the benefits of which would “improve further as the business scales”.

“I am delighted with the significant progress we have made in this area in recent weeks and to complete this particular phase of the project ahead of schedule," he added.

Shares were up 2.7% at 94p.

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