Rapid growth in Moneycorp’s retail division saw half-year profits rise by 50%, the foreign exchange company said yesterday.
Overall profits for the half year rose £61.3m, up from £4.1m in the same period last year. During this time, the firm facilitates currency trades equivalent to £5.92bn on behalf of its clients.
International payments and greater focus on airport-based bureaux de change were the reasons cited for the impressive results.
Private equity firm Bridgepoint set up 31 additional bureaux after it acquired Moneycorp in August, contributing to the 77% retail revenue boost. The company also signed a five-year deal allowing it to increase its presence at Stansted-owned airports in London and the South-East, as well as a major contract with the Post Office, providing a payments platform for its First Rate Exchange Service.
Revenue also rose 17% to £22.1m in Moneycorp’s international payments division in the first part of this year.
“Our results demonstrate the real desire in the market for a specialist foreign exchange provider who can offer competitive pricing, expert teams and fast, efficient systems,” said Moneycorp’s CEO, Mark Horgan.
“This is particularly true of our corporate customers, who are still underserved by the high street banks as they shed their non-core services.”
