Moneycorp profits up on boom in international payments unit

 
Tim Wallace
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Moneycorp's international payments arm recorded growth of 49 per cent (Source: Getty)
Foreign exchange provider Moneycorp increased its gross profits by 26 per cent on the year in the first quarter of 2015, its financial results show today.

Its earnings rose from £22.7m in the first three months of 2014 to £28.6m in the same period of this year.

Retail growth was relatively subdued, with revenues up five per cent to £12.6m.

But its international payments arm recorded growth of 49 per cent with revenues coming in at £15.9m.

“Confidence among SMEs (small- and medium-sized enterprises) is helping to boost interest in both import and export markets, and the strong sterling is encouraging UK investors to take advantage of overseas property opportunities,” said Moneycorp’s chief executive Mark Horgan.

“The result for Moneycorp is growing demand from corporate and private clients.”

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