FairFX widens full year loss

FairFX widened its full year pre-tax loss to £3.4m from £2.8m the previous year as the multi-currency payments service boosted its investments in operations and technology.

The group said the reported loss reflected an increase in marketing spend, a rise in headcount and higher charges for share options granted to incentivise management and staff.

Gross profit in 2015 came to £5m, up from £3.8m in 2014, driven by higher margins on currency transactions, less transaction costs and other direct costs.

Revenue jumped 35.7% to £7.4m as the group added 103,338 new retail customers to the business.

Chief executive Ian Strafford-Taylor said revenue was bolstered following the company’s “strategic focus on the increasing retail card customers”.The firm added 75,039 retail card customers during the period.

“Maintaining our strategy of investment in marketing and technology has yielded discernable improvements in customer conversion rates and increased customer spending,” he said.

“Since raising significant funds in the first quarter, the group is now in a strong position to push forward with its focus on the corporate card market, whilst maintaining its level of activity in acquiring new retail customers.”

Shares rose 1.49% to 34p at 1314 BST.