Record growth across the board for Moneycorp, the foreign exchange firm, in 2016

 
James Somper
A forex board shows rupiah values compar
Foreign exchange (Source: Getty)

Moneycorp, the foreign exchange currency provider has reported record income of £137m for the year ending 31 December, an increase of nine per cent year-on-year.

The company revealed underlying profits of £22.3 m as well as record revenue growth of 28% in its corporate international payments business.

It also stated that it handled over 7m transactions and traded £25bn worth of currency in 2016.

These results come despite the volatility in the price of sterling following June’s Brexit vote, with the pound hitting a 31-year low in October.

Moneycorp’s overseas and international markets operations has seen a rise in underlying profit growth of some 89 per cent whilst its payment solutions team in particular has seen a revenue increase of 844 per cent.

The businesses cash services division recorded 11 per cent underlying profit growth, amidst an increase in passenger numbers at UK airports.

Moneycorp, which has been providing foreign exchange services since 1979 also launched an ambitious expansion programme which saw it develop a commercial partnership with CNN, launch operations in Spain and Romania and successfully apply for a bank licence in Gibraltar.

The company has also invested heavily in its digital products with the launch of the new Moneycorp app for iOS and Android as well as developing bulk payment capability for its corporate clients, a move which has proved popular.

Commenting on the results, Nick Haslehurst, CFO of Moneycorp said: "Our impressive financial results in 2016 were matched with some significant milestones for Moneycorp in terms of product innovation and international expansion.

“The political headwind and subsequent sterling volatility resulting from the Brexit vote made 2016 a challenging year for clients across many of our business divisions. During the second half of the year we saw our corporate division grow considerably, as businesses turned to us for support with currency volatility.”

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