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Earthport puts its Baydonhill troubles to bed

The cross-border payments group performed well despite a £5m fraud at its Baydonhill subsidiary
Earthport puts its Baydonhill troubles to bed

A £5m loss created after a client of its Baydonhill subsidiary reneged on payments counterbalanced strong growth in transaction volumes at Earthport (EPO) in the reported period. The cross-border payments group revealed solid top-line growth, but increased costs and the Baydonhill loss offset a positive revalution of forward FX contracts, increasing the operating loss by 2 per cent to £8.1m.

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Several of the world's largest banks, payment groups and money transfer organisations use Earthport's platform to conduct low-value international transactions. Management's focus on signing new customers and ramping up volumes with existing clients fuelled an 89 per cent increase in the number of transactions to a record 6.6m, driving payment volumes up almost two-thirds to over $11bn (£9bn).

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