OzForex half year turnover hits $10 billion

Win McNamee/Getty Images

Currency exchange service website OzForex is rapidly expanding, posting a 30% jump in half year revenue to $58.139 million.

Statutory profit was down 6% to $11.223 million but underlying net profit, which strips out rebranding and restructuring costs, was up 12% to $12.309 million.

The company is on an accelerated growth path, focusing on acquiring new customers and expanding geographically.

In August, OzForex announced a strategic partnership with cloud accountancy software group Xero.

Richard Kimber, the new OzForex CEO who started in June, says the result is a record half year by all key metrics.

Founded in 1998 on the northern beaches of Sydney, the business reported $10 billion in turnover, a 34% increase for the half, and the company is debt free.

OzForex customer growth

“OzForex has a market leading operation in Australia offering access to more than 50 currencies with an unparalleled combination of currency pricing and settlement efficiencies,” Kimber says.

“The offshore operations of the business provide investors with exposure to a large and growing market opportunity with favourable structural trends such as rising smartphone use, an increasingly global population and an increasing demand for cross border transactions.”

OzForex confirmed its full year guidance of underlying earnings of $38.5 million to $40.5 million.

The board of directors declared a fully franked interim dividend of 3.6 cents a share.

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