- Payments group FairFX said annual profits soared as annual turnover more than doubled led by strong performance in its International Payments.

For 2018, adjusted profit before tax surged 650% to £6.79m from a year earlier as and revenue rose 69% to £26.1m as turnover rose 111% to £2.3bn.

The revenue growth slowed from a year earlier, however, as 'a key part of the growth stemmed from International Payments (increase of 69%) and Corporate Cards (increase of 31%), which have lower revenue margins than retail cards,' the company said.

Adjusted earnings (EBITDA) rose more than 680% to £7.51m for the year from a year earlier that was in-line with guidance given in January.

'The Board is confident of achieving expectations for the full year,' FairFX said.

At 8:24am: [LON:FFX] Fairfx Group Plc Ord 1p share price was +6p at 101p

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