Today's update shows FairFX has achieved adj EBITDA of c£7.5m, a significant uplift from FY17A's £1.0m, reflecting continued strong organic growth and recent acquisitive activity (CardOne, City Forex). This implies c£4.8m was delivered in H2/18E despite a series of temporary headwinds and a worsening macro-economic backdrop (which has continued to date). We expect FairFX's momentum to continue through FY19E, aided by further margin enhancing rationalisation of the supply chain, addition of new b ....
