Global Foreign Exchange Companies Announce Pre Tax Profits
20 May 2010 - Currency Exchange UK
Global Foreign Exchange Companies Announce Pre Tax Profits
The latest pre-tax profit figures for the world’s top foreign exchange firms have been announced and show a mixed result.
Showing gainers and losers since the last announcement, the list also reflects the broad variety of services offered within the foreign exchange industry.
With companies such as Travelex which operates a global network of travel money services, prepaid cards and airport currency exchange agencies and TorFX and World First, which offer streamlined services for deliverable foreign exchange, it is difficult to compare their profit margins.
Therefore, despite being at number 16, TorFX is a popular and widely used international money transfer broker, having steadily risen in the ranks. Offering services for both corporate and private clients, the company transacted £400,000,000 in foreign exchange in 2009 alone. In 2010 the company was awarded “Best European Currency Broker” by an industry magazine.
HiFX, also a leading broker based in the UK, has not yet commented on its retreat to eighth place; at the last count it sat at number 3.
|
No. |
Company |
Accounting Date |
Pre Tax Profit |
|
1 |
Travelex |
Various |
Unknown |
|
2 |
TTT Moneycorp Ltd |
31-Aug-08 |
£10,516,829 |
|
3 |
Currencies Direct |
30-Jun-09 |
£3,132,000 |
|
4 |
World First UK Ltd |
31-Jan-10 |
£2,172,496 |
|
5 |
Foreign Currency Direct plc |
31-Oct-09 |
£1,886,165 |
|
6 |
Global Currency Exchange Network |
31-Mar-09 |
£1,717,169 |
|
7 |
No1 Currency Ltd |
31-Mar-09 |
£1,679,483 |
|
8 |
HiFX plc |
30-Jun-09 |
£1,345,000 |
|
9 |
AFEX |
31-Dec-08 |
£1,064,832 |
|
10 |
Corporate FX (Global Reach) |
31-Dec-09 |
£648,000 |
|
11 |
Foreign Currency Exchange |
31-May-09 |
£484,352 |
|
12 |
Rational FX Ltd |
30-Jun-09 |
£295,000 |
|
13 |
Currency Solutions Ltd |
31-Dec-08 |
£198,195 |
|
14 |
Online FX Ltd |
30-Jun-08 |
£77,473 |
|
15 |
Caxton FX Ltd |
28-Feb-09 |
£27,799 |
|
16 |
Tor FX |
30-Sep-09 |
£23,535 |
|
17 |
Baydon Hill PLC |
31-Mar-09 |
-£1,375,402 |
Please note the follwing information relavant to this article:
1. All profit data in this article were taken from the UK's Companies House website on 18th May 2010: www.companieshouse.gov.uk. Turnover as measured by pre-tax profit is information which is not available for all companies.
2. TRAVELEX - it is not possible to calculate the exact revenue generated by the company from their corporate and private foreign exchange. This is due to the level of coverage of their various entities and business areas. For the year to 31st December 2007, Travelex Holdings Ltd posted a loss of £89.5 million.
3. TTT Moneycorp - the profit figures shown above include those taken by the company's airport/station and high street travel money agencies (bureaux de change).
4. Currencies Direct - the accounting date for this company was changed from 30th April to 30th June, thus bringing the period to 61 weeks. Annualised Net Profit for the company is £2,709,115.
5. Research is only done on those foreign exchange merchants who file profit and loss in addition to a balance sheet.
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