OzForex Shares Have Tanked On Weak Customer Growth Numbers

Competitors tackle a rope bridge during the Tough Guy Challenge endurance race in Telford, England. Jamie McDonald/Getty Images

Shares in the currency exchange website OzForex, which listed on the ASX in 2013, have fallen almost 20% after the company reported less than expected customer growth.

It also reported a 7.5% increase in its costs when it announced its half year results.

However, revenue was ahead of prospectus forecasts at $72.6 million.

The results:

However, customer acquisition was about 11% lower than forecasts. The company has about 120,500 active clients.

Costs were also higher due to additional staff and promotional costs associated with being a publicly listed company.

Shares were trading at $2.47 today.

OZFOREX GROUP share price

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