News

14 May 2014Moneycorp says bonjour et bienvenue to Nice – currency and international payments specialist opens office in heart of French Riviera

  • Nice, France office opens to service renewed demand in French property
  • Riviera office will also assist European and UK businesses with FX transactions
  • Fully authorised branch of TTT Moneycorp Ltd, an FCA authorised payment institution
  • Surge in interest in second homes in France as £ Pound gathers strength against Euro
  • Freeing up of UK pension funds likely to be a major driver in second home buying
  • Continued global investment into the region from HNWIs for purchases, short-term luxury rentals and yacht charters

MONEYCORP, the currency and international payments specialist, has opened a new office in Nice, the heart of the French Riviera.

The company, which grew its international payments division by 16% in 2013, selected the popular city for its base in the south of France as the Provence-Alpes-Côte d’Azur is the most active region in the country for non-resident property transactions.

High levels of overseas buyers are targeting Nice and its environs for second and retirement properties.

“The Riviera also enjoys significant volumes of tourist traffic each year – around six million people – many of whom are surveying the region with the intent to invest, so  we wanted an office in the – international hub of the region which can deal with their currency requirements,” said Moneycorp’s Tanya Uniacke, Country Manager for France.

“Moneycorp is also providing support for UK businesses needing help with their international payments requirements, as more and more British firms increase volumes of export and import trade with French companies.

“France is clearly a key growth market for international investors and UK pensioners alike, and we are looking forward to helping our existing partners to grow their businesses as well as building new networks across the region.” she added.

Along with the new office with its bilingual staff, Moneycorp has also opened a local bank account designed to facilitate clients wanting to repatriate funds to the UK.

By utilising local banking services the clients will be able to save significant sums of money on international transfer fees.

Andrew Woolley, International Payments Managing Director, said: “With the pound performing strong against the euro, supported by a general recovery in the UK economy and attractive buying opportunities in the south of France, we are anticipating a very busy 2014.

“The recent changes to UK pensions’ legislation is also likely to generate a rise in enquiries for mortgage and cash-based transactions from UK buyers wanting a second or retirement home in the south of France.

“Under the new rules, from April 2015 UK pensioners will be able to access all of their pension fund should they wish, rather than the previous obligation of having to buy an annuity.

“This is a radical new development, and we believe it will have a major impact on demand for homes in France,” he added.

Moneycorp is growing rapidly.

Last year the company’s opened 39 new airport bureaux to add to its growing retail estate.

The business also acquired Thomas Cook International Payments, a strategic move designed to further strengthen the business’s foothold in SME export and import transactions, which reached a five year high in early 2013.

 

For press information and interviews please contact Lara Hallett on 020 7812 0606 / Lara@standagency.com

Notes to editors

  • Moneycorp is the trading name of TTT Moneycorp Limited – the UK’s fastest growing established foreign exchange provider.
  • A specialist in foreign exchange and international payments, Moneycorp traded over £10b in currencies on behalf of its clients 2013, making it one of the one of the biggest providers outside of the banks.
  • Moneycorp provides a quick, secure and competitively priced international payments service to individuals and a wide range of businesses. 
  • Moneycorp offers an online travel money service, for home delivery or collection at any of its central London or airport branches – all at great rates. Moneycorp also offers a pre-paid ‘Explorer’ card that holds up to 14 currencies, offering customers a safe and secure method to carry their travel money. 
  • Moneycorp began dealing in foreign exchange in 1979 from a branch on Oxford Street and has since grown its bureau de change network to 53 outlets. The business is owned by the Special Opportunities Fund. 
  • TTT Moneycorp Limited is authorised and regulated by the Financial Conduct Authority for the provision of payment services.

04 March 2014Arrow Global Group PLC Preliminary Results

Arrow Global Group PLC Preliminary Results
RNS Number : 4208B
Arrow Global Group PLC
4 March 2014
Arrow Global Group PLC

Preliminary results for the year ended 31 December 2013

Arrow Global Group PLC (("the Company") and its subsidiaries (together "the Group")), one of the UK's largest and fastest growing providers of debt purchase and receivables management solutions, is pleased to announce its preliminary results for the year ended 31 December 2013.

Financial Highlights

  • Core collections(1) up 44.1% to GBP127.8 million (2012: GBP88.7 million)
  • Adjusted EBITDA up 44.7% to GBP89.6 million (2012: GBP61.9 million); adjusted EBITDA ratio 70.1% (2012: 69.8%)
  • Underlying net income up 127.0% to GBP25.2 million (2012: GBP11.1 million)
  • Profit attributable to shareholders up 60.6% to GBP15.1 million (2012: GBP9.4 million)
  • Underlying basic and diluted earning per share ("EPS") of GBP0.16
  • Underlying return on equity ("ROE") of 26.5%
  • 120-month ERC up 18.0% to GBP650.3 million at 31 December 2013 (2012: GBP551.3 million)
  • Net debt GBP178.3m and Net Debt to Adjusted EBITDA ratio of 1.99x

Operating Highlights

  • Successful Initial Public Offering ("IPO") completed in October 2013
  • Successfully issued GBP220 million senior secured notes due 2020
  • Revolving Credit Facility ("RCF") increased to GBP55 million
  • Acquired debt portfolios with face value of GBP1,370 million for an aggregate purchase price of GBP101.3 million(2) , with 76% of purchase price underpinned by paying accounts
  • Face value of total assets under management increased to GBP9.6 billion (31 December 2012: GBP7.6 billion), including purchased portfolios of GBP7.2 billion (2012: GBP5.9 billion)
  • Owned customer accounts increased to 5.1 million as of 31 December 2013 (31 December 2012: 3.6 million)
  • Existing portfolios continue to perform in-line with expectations - cumulative gross collections as of December 2013 maintained at 103% of collections forecast at underwriting
  • Ranked first in the 2013 annual OC&C industry index

Tom Drury, chief executive officer of Arrow Global commented:
"This has been a transformational year for Arrow Global, starting with the launch of our GBP220 million senior secured notes in January, followed by our successful IPO in October and ultimately the achievement of our financial targets for the year. We delivered strong results, with adjusted EBITDA up 45%, and underlying net income of GBP25.2 million equating to underlying ROE of 26.5% based on our new capital structure.

"With industry regulation set to migrate to the FCA on 1 April, we should see greater consistency for customers as buyers join creditors in the same regulatory regime. I am pleased to report that Arrow is well progressed in our preparation for this important change.

"Our expectation remains that we will grow purchases at or in excess of UK market growth. We expect the timing of these purchases to have a normal weighting towards the second half of the year. The business has a robust pipeline of portfolio acquisition opportunities, and whilst the market remains competitive, we believe, the outlook remains strong. We expect to pay our first interim dividend in 2014, which will be announced in our half year results."

Notes:
1.     Core collections is collections on Arrow Global's purchased loan portfolios
2.     Including GBP0.5 million of student loan investments held as loan notes


For further information
:

Arrow Global                                                    Instinctif

Tom Drury                                                       Mike Davies

Robert Memmott     +44 (0)161 242 5896           Catherine Wickman    +44 (0)20 7457 2020

Hopi Moodie                                                    Tom Drummond          2020

 

Forward looking statement
This document contains statements that constitute forward-looking statements relating to the business, financial performance and results of the Company and its subsidiaries (the "Group") and the industry in which the Group operates. These statements may be identified by words such as "expectation", "belief", "estimate", "plan", "target", or "forecast" and similar expressions or the negative thereof; or by forward-looking nature of discussions of strategy, plans or intentions; or by their context. All statements regarding the future are subject to inherent risks and uncertainties and various factors could cause actual future results, performance or events to differ materially from those described or implied in these statements. Such forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group will operate in the future. Further, certain forward looking statements are based upon assumptions of future events which may not prove to be accurate and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this document or the underlying assumptions. The forward-looking statements in this document speak only as at the date of this presentation and the Company assumes no obligation to update or provide any additional information in relation to such forward-looking statements.

21 February 2014Moneycorp: Trading update for year end 2013

  • Pivotal year for the business
  • Record performances in customer numbers and gross profit
  • Double digit growth across all business units
  • Acquisition of Thomas Cook International Payments

Moneycorp, the UK’s only fully integrated foreign exchange operator, has reported substantial growth in its unaudited 2013 year end trading update, as it continues to implement its expansion strategy.

2013 highlights

  • Gross profit of £97.2m compared to £65.2m in 2012
  • Total business growth EBITDA up 59% year on year or 100% on a pro-forma basis
  • International Payments business at revenue of £31.3m, generating growth of 13% accelerating as the year progressed
  • Retail business growth of 58% revenue
  • Significant growth in online channel sales, with online transactions up 48%
  • Over £10b currency trades in 2013
  • 39 new airport stores, including Heathrow, Gatwick and Stansted

Over the course of 2012 and 2013, Moneycorp has implemented a number of internal changes to support its rapid growth strategy. These include a re-structuring of its management team; re-energising its sales and marketing functions; investment in supportinfrastructure; substantially growing its airport contracts and commercial partnerships; and galvanising its Retail business unit.  

Moneycorp’s International Payments business unit accounts for over 90% of income. In 2013 the unit saw growth of more than 13%, with record levels of customer retention across its corporate and private clients, as well as record levels of new business acquisition. Recent customer research indicates that this loyalty derives from customers’ appreciation of Moneycorp’s value for money, reliability, service and online platforms which the business continues to invest in to drive improvement.  Moneycorp also acquired Thomas Cook International Payments, a strategic move designed to further strengthen the business’s foothold in SME export and import transactions, which reached a five year high in early 2013.

Moneycorp’s Retail business unit grew by more than 58% in 2013. The business opened 39 new airport stores in 2013, including a key move into Heathrow and the renewal of its exclusive contract for Stansted. Moneycorp also deployed more than 60 ATMs across the UK. In April 2013 the business re-launched its multi-currency pre-paid Explorer Card, and has seen significant growth in its reserve and collect service, which allows consumers to order online at a preferential rate for collection at branches – including airports.

The end of 2013 also saw an overhaul of Moneycorp’s brand to reflect the evolution and growth of the business. 

Mark Horgan, CEO of Moneycorp said:
“We are setting out to make Moneycorp the first choice in international payments and foreign exchange in the UK. Over the course of the last two years we have looked at every aspect of the business to build a solid foundation for substantial future growth. Our outstanding performance in 2013, across both our International Payments and Retail business units, speaks for itself.  

“The international payments market is poorly served by the high street banks, and yet they still retain around 80 per cent of the market in the UK. Our pricing, systems, innovative products and expert service give us a competitive edge over the high street banks, and in 2014 we’ll be competing aggressively to grow our share of this market.”

For press information and interviews please contact Francesca Rivett-Carnac or Laura Oliphant on 020 7812 0606 / Francesca@standagency.com / Laura@standagency.com

Notes to editors

  • Moneycorp is the trading name of TTT Moneycorp Limited – the UK’s fastest growing established foreign exchange provider 
  • A specialist in foreign exchange and international payments, Moneycorp traded over £10b in currencies on behalf of its clients 2013, making it one of the one of the biggest providers outside of the banks 
  • Moneycorp provides a quick, secure and competitively priced international payments service to individuals and a wide range of businesses 
  • Moneycorp offers an online travel money service, for home delivery or collection at any of its central London or airport branches – all at great rates. Moneycorp also offers a pre-paid ‘Explorer’ card that holds up to 14 currencies, offering customers a safe and secure method to carry their travel money.
  • Moneycorp began dealing in foreign exchange in 1979 from a branch on Oxford Street and has since grown its bureau de change network to 53 outlets. The business is owned by the Special Opportunities Fund
  • TTT Moneycorp Limited is authorised and regulated by the Financial Conduct Authority for the provision of payment services.