Global Expertise, Local Intelligence

Annual Accounts

Financial statements
2009 Annual report (pdf)	2005 Annual report (pdf)
2008 Annual report (pdf)	2004 Annual report (pdf)
2007 Annual report (pdf)	2003 Annual report (pdf)
2006 Annual report (pdf)

Our strategy continues to be cautious but at the same time we have been able to expand our core business.

This was another profitable and exciting year in which our Group continued its expansion and diversification programme. We saw projects coming to fruition across the Group and we are moving to a position where our range of products, services and international diversification help to protect us against variations in local conditions.

In our core FX Bureaux business, we saw a year of significant growth with new branches opening in Europe, Asia and Australia. In China we extended our reach to 20 branches across 10 airports, we won Cairns airport, we launched in Vietnam and we signed an agreement in Malaysia with CIMB Bank to run 19 branches there in a joint venture which has since gone live. We enhanced our position in Canada where we were already market leaders and opened in Detroit airport to add to our USA portfolio. Closer to home we opened new branches in Berlin, Moscow, Bulgaria, Riga and Dubrovnik.

Our direct currency business saw significant growth, where our investment in people and systems meant that we didn't suffer the levels of fraud seen elsewhere in the industry which resulted in many competitors exiting the market and allowing us to capitalise.

Looking forward I expect to see further expansion of the bureaux network in key locations and we may exit some less profitable sites. Raphaels Bank will continue to grow its new business streams and Southern is likely to consolidate its position in the difficult climate we expect next year. The economic situation will clearly be a challenge for us, but I end as I began, confident that we are well-placed to capitalise on opportunities and remain profitable through our expansion and diversification strategies.