London-based FX experts Lumon post annual growth of almost 30 per cent despite volatility
A year after its rebrand, London-based payments group Lumon posted annual growth of almost 30 per cent, with its corporate division excelling.
The company announced its revenue forecast for the year has gone up by 27 per cent from 2021.
Its corporate division expanded over the year, up 48 per cent year on year.
It said following the turbulence of the mini budget and plummeting pound, it had a 30 per cent jump on ‘forward buying’ foreign exchange contracts. This involves locking in currency conversions, to try and counter market volatility.
Last year, Lumon was created through the merger of Foreign Currency Direct, Infinity International and other brands, and it has since traded more than £4bn.
The company has now brought on string of new board appointments.
Its chief executive Shamus Hodgson acknowledged “it cannot be denied that we’re currently in a challenging time for the sector, affecting both providers and clients.”
“Uncertainty levels are high, and it’s therefore more important than ever to feel secure in payments being made.
“Whilst certainly not the best climate for growth, Lumon has shown in the past year that it is possible to expand a business despite this.”
On foreign exchange, he said they can “sometimes seem overly complex and even be intimidating” so Lumon tries simplify it “and remove the aura” of confusion.