OzForex’s share price has jumped on a 26 per cent rise in profit, ending a run of outs for its stock.

The foreign exchange services provider also said it was well placed for growth, as global currency transactions increased and it offered a cheap alternative to using banks.

OzForex lifted first half net profit by 26 per cent to $11.98 million for the six months to September.

The stock was 10 per cent higher in early trade, before settling to be 18 cents, or eight per cent, higher at $2.44 at 1300 AEDT.

The result met expectations after the stock was punished and fell almost 10 per cent in a day in August after missing forecasts in a quarterly result, following a 20 per cent-plus fall after its first set of annual results in May.

The stock is trading below the $2.96 it closed at after its stockmarket debut 13 months ago and the $3.50 it hit in March.

OzForex chief executive Neil Helm said he thought it was a strong result, with the highlights being strong active client and transaction growth and a maiden profit in its US operations.

“The business is well positioned to continue to grow into our existing geographies with a strong focus on active clients and transaction numbers,” he said.

Increases in the global population and migration, and a larger level of cross border transactions and investment would further help the company, he said.

OzForex’s active clients were 129,900, an increase of 21 per cent.

That included a relatively weak four per cent increase in the number of new dealing clients, to 29,000, which is where growth will come from.

PROFIT UP FOR STOCKMARKET NEWCOMER

* First half net profit of $11.98m, up 26 pct from $9.5m

* Revenue of $44.8m, up 18 pct from $37.8m * Final dividend of 3.5 cents a share, up from 2.375 cents