Reaping reward of currency turmoil

SURGING demand from business customers as turmoil rocked the currency markets has driven a record turnover at Moneycorp.

The foreign exchange firm benefited from volatility around the election of Donald Trump as US President and the Brexit vote, bosses said.

Wild swings in the pound and dollar saw revenues rise 9pc to £137m in 2016. The company handled 7m transactions and traded £25bn of currency, with profits up a fifth to £22.3m.

Its biggest boost came from its payment solutions division. It is used by firms which need to make hundreds of thousands of wage payments on time and accurately to staff abroad, and saw its business increase more than ninefold.

Meanwhile, profits in its cash services arm – which provides holiday money for the public – rose 11pc.