OFX shares are on a tear

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Shares in OFX jumped after the foreign exchange payments service posted its full year results hitting guidance.

A short time ago, the shares were up 10% to $1.457.

OFX, formerly OzForex, reported a 2% rise in revenue to $115.23 million for the year to March, but a 10% fall in net profit to $19.6 million.

In February the money transfer company warned that Brexit, the impending departure of the UK from the European Union, would mean fee and commission income for 2017 will be $3 million lower than anticipated.

Today OFX reported fee and trading income of $114.1 million, up 2.5% on 2016, with 13.6% growth in North America.

Skander Malcolm, the new CEO who replaced Richard Kimber in February, says the fundamentals of the business are strong, with overall transaction numbers and with an active client.

He says OFX is set up for a stronger performance in 2018.

The company declared a fully franked final dividend of 2.9 cents a share.

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