Member Article

FairFX credits Sky Sports F1 sponsorship with 32% increase in turnover

Multi-currency payments service has posted a 31.9% increase in turnover for the year ending 31 December, according to its audited results posted to the London Stock Exchange this morning.

The London-headquartered finance firm saw turnover jump to £626.8m last year, with £299.2m of that attributable to a 40% increase in its money transfer and FX products.

FairFX also saw its revenue (£7.4m) and gross profit (£5m) jump by around a third; however, this did not stop the business making a loss of £3.4m, which the firm had already forecasted.

Today’s figures also reveal the £3.2m the foreign currency firm spent on advertising, in particular the deal signed with Sky as part of their F1 programming, which the firm credits with raising brand awareness amongst its target audiences.

Ian Strafford-Taylor, Chief Executive Officer at FairFX, commented: “The Company had a strong 2015 and delivered excellent revenue improvements by following our strategic focus on the increasing retail card customers.

“Despite a somewhat weaker macro environment during Q1, our underlying customer base is performing strongly. Spending on retail cards is up 25% on Q1 2015 with top-ups of existing cards also showing growth.

“In addition, overall customer activity has picked up in recent weeks and we have some exciting deployments of new technology scheduled before our peak summer season. Accordingly, we are confident the Group remains in line with market expectations for the full year.”

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