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OzForex Growth Surges on UK Business

Sydney-based OzForex, an online foreign exchange provider, says the successful launch of its UK office last year and a move to a 24-hour trading service will enable it to achieve annualised turnover of more than AUD2 billion for the 2006 calendar year.

OzForex’s founder and managing director Matthew Gilmour says the company has recorded a 182% increase in revenue for the 2005-2006 financial year, and is now exploring opportunities to establish offices in the US, Hong Kong, Canada, Singapore and Japan.

Launched in 1998, the firm targets smaller corporates, expats and retail clients for its foreign exchange remittance services. The company services around 25,000 clients and says it attracts approximately 800 new clients each month.

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