Smart Currency Exchange post disappointing revenue numbers and cites Brexit

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  • Strategic report for 2017 states directors are “disappointed”
  • Brexit deemed a “key risk” facing the company

International currency exchange provider Smart Currency Exchange has published a report outlining diminishing revenues in 2017. The published accounts highlight ambiguity surrounding the impact of Britain’s withdrawal from the European Union as a negative impactor on the business.

In a recent review of the business for accounts ending on 30 September 2017, the strategic report delineates disappointing numbers with regard to Smart Currency Exchange’s operating profits.

The report states: “Revenue grew by 4.4% to £10,664,370 (2016: £10,213,612) with growth in the Private Client business unit being affected by uncertainty over the terms of the UK’s exit from the European Union.

“Operating Profit dropped by 23.4% to £1,085,985 (2016: £1,417,357) resulting from margin pressure and the company’s continued investment into personnel and technology.”

Overall, the report states that directors found the performance of the company satisfactory but were “disappointed in the growth of income and profits”.

The report also highlighted the “key risks” facing Smart Currency Exchange, with the issue of Brexit representing the most concerning uncertainty for directors and shareholders.

The referendum on 23 June 2016 resulted in the democratic expression of Britain’s will to withdraw from the European Union. Consequently, the Conservative government triggered Article 50 on 29 March 2017, thus instigating the process of leaving the bloc. The ambiguities entailed with this shift in the geopolitical status quo have left some companies fearing unfavourable consequences, with the international money transfers provider Smart Currency Exchange among them.

The report goes on: “The outcomes of triggering Article 50 remains unclear in the short, medium and long term on the Company or on the UK economy or on the ability of UK citizens within European Union states to move freely within the European Union. The Directors and senior management continue to constantly assess the risk that these unknowns pose on the Company.”

About Smart Currency Exchange

Smart Currency Exchange is an international multi-currency exchange provider established in 2004. Based in the UK, it was founded by Charles Purdy to help minimise risk when transferring money overseas.

Nigel Frith
Nigel Frith
Former Global General Manager
Nigel was the Global General Manager at FXcompared. Nigel has a background in marketing for businesses and consumers as well working in a variety of online financial services roles. Read more

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