FairFX trading in line so far in FY 2017

Shares in FairFX are up more than 4% after it more than halved its full-year 2016 pre-tax loss, and said it is trading in line so far in FY 2017.

Chief executive Ian Strafford-Taylor said FairFX had a very successful 2016, beating expectations in terms of all key performance indicators.

Turnover increased strongly, revenue broke through the £10m barrier and improved margins boosted 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.

The company's pre-tax loss was £1.44m, from a loss of £3.4m. Revenue on currency transactions was £10.19m, from £7.97m.

"Importantly, the 2016 results were achieved whilst FairFX maintained its marketing spend, capturing a significant number of new customers and further building its brand awareness," said Strafford-Taylor.

"Even more pleasing is that this was accomplished despite the challenging trading conditions that resulted from the prolonged Brexit referendum process in the first half."

Strafford-Taylor said top-line growth had continued into 2017 through the first quarter and the company was significantly better equipped to maintain this growth as it targets a net profit for 2017.

"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."

At 10:30 BST, shares in AIM-listed FairFX were up 4.02% to 58.25p each.