OzForex aims for 24hr currency trades

Currency trader OzForex will expand its services to open 24 hours, seven days a week in an attempt to increase customer numbers.

OzForex will transform into a 24-hour service for people wanting to exchange global currencies in an attempt to beef up its customer numbers around the world.

The currency trader outlined its plans as it reported a rise in underlying profit and record turnover of $10 billion for the first half of its 2015/16 financial year.

The bulk of the company's business is in Australia and New Zealand, but OzForex has been expanding in North America, Britain, Europe and Asia, eager to take market share from major banks which dominate the sector.

Chief executive Richard Kimber says he sees plenty of opportunity to expand overseas and take advantage of the increasing use of smartphones and rising demand for cross-border currency trades.

In an attempt to drum up more customers, OzForex has dropped its transaction minimum to $250 from $1,000 and will introduce 24 hour, seven days a week trading in the coming months.

"This will allow our customers the convenience to transact on the weekend and will increase our operating leverage further," Mr Kimber said in a statement on Tuesday.

"Our expectation is that OzForex's business across all geographies will continue to grow and generate strong returns for shareholders."

OzForex active client numbers rose 16 per cent to 151,100 During the six months to September 30, with the number of transactions and their average values both increasing.

The group enjoyed strong revenue growth across Australia, New Zealand, and North America.

Underlying earnings in Australia and New Zealand rose by just one per cent to $9 million, but the group's North America, UK/Europe, Asia and wholesale businesses all lifted earnings between 35 and 65 per cent.

The group's underlying net profit rose 12 per cent to $12.3 million.

However its statutory net profit, which included one-off impacts from rebranding and a restructure of the company's executive team, fell six per cent to $11.223 million.

The company re-affirmed its forecast of a rise in underlying full year earnings to $38.5-$40.5 million, up from $34.5 million in 2014/15.

Shares in OzForex were eight cents, or 2.92 per cent, higher at $2.82.

OZFOREX EYES OFFSHORE EXPANSION

* Revenue up 30pct to $58.1m

* Net profit down 6.0pct to $11.2m

* Fully franked interim dividend 3.6 cents per share, up from 3.5 cents

Source AAP

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