Reap­ing re­ward of cur­rency tur­moil

Daily Mail - - City & Finance -

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.

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