June 12th 2023, London UK: Universal Partners, a leading FCA regulated, cross-border payment and foreign exchange specialist for businesses, today published its results for the 2022 financial year.
Summary of financial results:
- FX Turnover reached £1.30 billion (up 84%)
- Gross profit increased to £6.52 million (up 104%).
- Operating profit increased to £2.56 million (up 120%).
- New clients increased to 159 * (up 35%)
- Staff headcount has increased from 28 to 46. (up 64%)
- Net cash position increased to £14.53 million (up 544%) – * New customer increase is based solely on customers who generate £10,000 or more per annum.
- Planned expansion into international markets, including the launch new services and first European office will help further diversify the company client base.
Record Growth in Turnover and Profit
Universal Partners reported strong growth across all core financial metrics during the year.
Annual turnover increased by 84%, reaching £1.30 billion just three years after receiving FCA authorisation. Gross profit grew by 104%, rising to £6.52 million. Operating profit also rose by 120%, reaching £2.56 million.
Client Activity Surges Beyond Pre-Pandemic Levels
Client activity exceeded pre-pandemic levels across several key sectors. Travel, in particular, showed strong demand after restrictions were lifted. Universal Partners leveraged its travel sector expertise and partnership with ABTA to meet this renewed demand.
Expansion Strategy and Team Growth
The company accelerated its expansion strategy in 2022. It increased its C-suite team and boosted overall headcount by 64%, from 28 to 46 employees. These changes helped improve capacity, service, and strategic delivery across departments.
Industry-First Training Drives Results
Universal Partners invested in a new, industry-first training programme. The training focused on helping staff understand individual client needs and deliver custom risk management solutions. Staff also learned how to identify high-value clients and boost retention rates. This investment improved average turnover and revenue per client. Total client count rose 35%, reaching 159 by year-end.
Operational Improvements Boost Efficiency
New internal systems helped automate key daily processes. The team streamlined tasks such as fund reconciliation between incoming and outgoing payments. Improved system synergy enhanced collaboration across all departments.
Leadership Reflects on a Milestone Year
Reflecting on the year, CEO and Co-Founder Oliver Carson shared his thoughts: “Increasing turnover was always a key focus for us. We saw an 84% increase from the previous year, reaching £1.30 billion in turnover. This came within five years of incorporation and four years after obtaining our Payment Institution license. Gross profit increased by 104% to £6.52 million. We achieved this while investing in new technology and senior leadership. This shows how well our growth strategy is working. We continue to onboard the right clients who will support our long-term plans.”
Looking Ahead: Global Expansion in Payments
Universal Partners plans to expand its global payment services in 2023. These will include instant mass payments across multiple currencies and overseas collection accounts. The company aims to serve a wide range of businesses—from tier one corporates to fast-growing SMEs.The company is also focusing on establishing key partnerships with global financial institutions.
“Part of our growth strategy has involved establishing new relationships with tier-1 global ,, regional and local banks that can help us expand our range of products and services to offer our client base,” said Carson. “Our online platform is just one of those new offerings, further enabling our clients to closely manage their international payments and balances. Through dealing closely with many large international corporates, we have a good understanding of all of the challenges and risks these businesses face on a day-to-day basis. Universal Partners has a mission to be able to provide solutions to as many of our clients’ problems as possible that relate to international trade. Ultimately, we want to help businesses grow, that’s what gets us excited. This will see us continue to develop new products and enter new markets as we look at the road ahead, including establishing our first office outside of the UK which will expand our global footprint.”
