Pre Tax Profit for the Top 10 Foreign Exchange Firms

20 May 2010 - Which Way To Pay

    



Pre Tax Profits for the Top 10 Foreign Exchange Firms

The top ten foreign exchange companies according to pre tax profits have been announced.

The results were welcomed by industry insiders, who commented on a generally healthy set of figures, with a mixture of fortunes compared with the last announcement.

HiFX plc, a popular UK foreign exchange service, fell in the ranks; at the last reading they sat in 3rd place.  Meanwhile World First, one of the top UK companies in the field, has risen in the ranks since the last profit release.

The profit figures reflect the large scale of services that fall under the umbrella of foreign exchange. 

The services that TTT Moneycorp and TRAVELEX offer cover a much larger global services network than many of the other firms listed.  TRAVELEX alone is the operator of the largest amount of airport currency exchange services in the world, and the name behind the majority of travellers cheques issued.

Meanwhile companies such as World First and HiFX offer services which are refined to a specialist area, focussing on corporate and private client foreign exchange.  Currently they do not offer products such as travel money prepaid cards or travellers cheques.

World First, despite being comparatively small when placed beside the top 2 companies, boasts a customer base of 20,000 private clients and an annual foreign exchange transaction volume of over 1 billion in 2009.

Baydon Hill Plc was the only company to report losses since the last tally.

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. Profit data in this article were taken from the UK's Companies House website on 18th May 2010: http://www.companieshouse.gov.uk/.  Turnover as measured by pre-tax profit is information which is not available for all companies.

2. A note to 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. A note to 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. A note to 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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