OzForex is open to acquisitions as it takes on the US with its international payments service

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OzForex Group posted a 52% increase in full year profit to $24.3 million as the international payments service pushes into the US and other offshore markets.

The company obtained additional US money transmitter licenses taking the American license portfolio to 47 states.

It also established a corporate dealing team in Auckland and increased activated OzForex Travel cards by 70% to more than 20,000.

OzForex increased clients by 18% to 142,500. Transactions were up by 21% to almost 703,000 with an average value of $23,700. Turnover was up 22% to $16.6 billion.

OzForex says international payment services is a large and growing market driven by increases in global population and migration, increasing cross border transactions and investment.

Outgoing CEO Neil Helm says the company is positioned to take advantage of acquisition opportunities if they come up.

“We have established a highly successful and market leading position in the international payments sector as a result of our scalable technology platform and attractive customer proposition,” he says.

The company says it has replaced the services provided by Westpac. The bank in January withdrew from providing banking services to the money service industry.

OzForex declared a fully franked dividend of $3.58 a share.

Its shares are trading more than 3% today to $2.57.

The new CEO, Richard Kimber, starts June 1.

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