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https://www.moneyswap.com MoneySwap has operations in Hong Kong, London, Shanghai and Taichung together with representative offices in Singapore. MoneySwap provides a trading mechanism for both widely used as well as more exotic and restricted currencies. In particular MoneySwap is focused on servicing the needs of the Asia –Pacific region with its substantial trade flows and 11 major currencies. By then combining MoneySwap’s unique low-cost foreign exchange platform with a range of both new and traditional pay-out channels, MoneySwap is able to ease and improve foreign exchange transactions and pay-out between individuals, businesses and corporations around the world, wherever you are.

Asia-focused foreign exchange transactions specialist MoneySwap (LON:SWAP) said it is partnering with Rizal Commercial Banking Corp (RCBC) to co-brand a MoneySwap Prepaid Card in the Philippines. The card is launched today and will allow customers in the Philippines to load up their card through an ATM or at a RCBC bank and use it to withdraw funds from an ATM or from a RCBC branch. The MoneySwap Prepaid Card can also be used in VISA affiliated stores across the Philippines and worldwide. As RCBC is only now starting to expand its cash card business in the country, MoneySwap does not expect the agreement to generate significant revenues until at least the financial year ending March 31 2013. Chief executive Richard Proksa said: "We view the Philippines as a key market for MoneySwap. Not only does it have a population of over 100 million, but many work overseas or for international

http://www.proactiveinvestors.co.uk/companies/rns/120523swap8593d

Growing volumes towards ‘critical mass’ Initially MoneySwap has to add more volume to the MSEx before it can step out of these transactions. “At the moment we are still building up our volumes to the point where we can switch to a peer-to-peer business model. “The point where volumes reach a ‘critical mass’ and we make the switch will be down to two things. Firstly the total volume across the exchange and secondly the number of transactions across the currency pairs themselves. “For the major G7 currencies it will come much faster than some of the other currencies available on the platform.” Just shy of 3,000 active participants currently use the service. The majority of these users are individual users, but according to Proksa, around 60 corporate and SMEs (small-medium sized enterprises) also use the service frequently. Proksa explained that many of the transactions involve ‘fairly small amounts’ – with individuals swapping currencies to make specific payments or to cover them as they travel abroad – however the corporate business on the MSEx involve much larger deal sizes.

Speaking to Proactive Investors, chief executive Richard Proksa explained how the group’s push to become a peer-to-peer exchange will transform the group’s revenues. Like most other retail currency exchanges, MoneySwap acts as a market maker – basically it obtains a favourable exchange rate, adds a margin to take its cut and then gives that rate to its customers. But once MSEx goes ‘peer-to-peer’ – meaning that MoneySwap will no longer be a ‘middle man’ in the deal and the users will exchange currencies with each other - the revenue group’s model will change dramatically. At that point MoneySwap will no longer be taking a cut out of the exchange rate. Instead the company will simply charge a transaction fee to each customer. This transaction fee is likely to be tied to the exchange value, as a percentage of the amount of money ‘swapped’, Proksa explained.

The company was formed when a group of private investors bought out a software firm that was still in the embryonic stages of development. Since then it has developed a robust and scalable web-based software platform, and now it is poised to begin its most exciting phase yet. At its core, MoneySwap is a web-based currency exchanging service called MSEx. This exchange is linked to the group’s proprietary clearing house, known as MSPCH. MoneySwap currently plays an active role in each transaction, assuming the role of a market maker. But the group has much bigger plans as transaction volumes increase and it adopts a more passive role as its users swap currencies among themselves.

Positive Points: Within the group's Environmental Technologies division, Emission Control Technologies' sales grew by 21%, benefiting from good growth in sales of light duty catalysts, growth in global vehicle production, and a substantial increase in demand for heavy duty diesel catalysts, particularly in North America. Despite current global economic uncertainties, management conveyed its desire to continue to expand its manufacturing capacity around the world and to invest further in R&D, remaining confident of the group's continuing growth potential. Johnson Matthey would benefit from tightening emission legislation which is driving demand for auto catalysts and emission reduction technology. The group's Fine Chemicals Division exceeded expectations with sales up by 16% and operating profit 24% higher, supported by a very strong performance from its API manufacturing businesses. Subject to board approval, the group said it would pay a special dividend to shareholders of 100 pence per share, on top of a full year dividend of 55 pence, up 20%. The one-off payment will amount to a total of £212 million.

Negative Points: The group's Precious Metal Products division's performance is dependent upon precious metal prices and should the recent fall in prices continue, this, will impact on the division's services businesses. Johnson Matthey's performance is closely linked to the automotive industry. A stalling of the recent recovery in the US and European autos volumes would negatively impact sales estimates. The UK and Europe currently account for around 35% of group sales. Higher rare earth prices can adversely impact profit margins. Worldwide, the group had a net pension deficit of £169.4 million at 31 March 2012 (2011 - £130.4 million).

Financial Highlights: Underlying profit before tax rose 23% to £426 million from £345.5 million a year earlier. Revenue saw a rise of 20% to £12 billion, exceeding market expectations. Excluding precious metals, sales rose 17% to £ 2.7 billion. A final dividend of 40 pence is recommended resulting in a full year dividend up 20% at 55 pence. As a result of the group's strong financial position, the board is also recommending a special dividend to shareholders of 100 pence per share. Net debt over the full year fell by £185.2 million to £454.2 million.

Full year results: Chemical and precious metal group Johnson Matthey said it continued its strong performance in the year to the end of March with good growth across all three of its divisions. The performance was enhanced by the firm's leading position in heavy duty diesel catalysts, a very strong year from Davy Process Technology (which develops chemical process technologies and licenses them to customers in the oil, gas and petrochemical industries) and excellent progress in its North American Active Pharmaceutical Ingredient (API) manufacturing businesses. The group added that it remains confident that its strong position in markets with structural growth will allow it to make further progress in Environmental Technologies and Fine Chemicals in 2012/13. This, however, will be offset by a weaker performance from Precious Metal Products, if precious metal prices remain at current levels

Headquartered in central London, Johnson Matthey is a specialist chemicals manufacturer whose activities are divided between three divisions: catalysts (manufacture of automotive catalytic converters, pollution control systems and components for fuel cells), manufacturer of pharmaceutical compounds and refiner and distributor of precious metals such as platinum and gold. Its stock is traded on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Total pay for executive directors at M&S totalled £7.80m compared with £8.48m the previous year.

When combining 50% of Bolland's bonus, his basic salary and other benefits (such as pension supplement, car allowances and dividend payments), his total remuneration in respect of the year ended March 31st 2012 totalled £1.68m. This was well under the £4.38m he got paid the year before.

For this element of the bonus, if the group was to outperform these targets then each director could have been in for payout worth up to 120% of their basic salaries; instead, they received nothing. Nevertheless, it wasn't all doom and gloom for the directors though, as the remaining 40% of their bonus potential was tied to other "individual objectives". These still saw CEO Marc Bolland net himself £663,000 in bonus pay - equal to 68% of his basic salary of £975,000. Half of the bonus earned is paid in cash while half is deferred into shares.

"For there to be any payment under the group PBT measure in 2011/12, there was a requirement not only for year-on-year group PBT growth but also outperformance of the operating plan," the statement said. M&S said that its underlying PBT of £705.9m, down 1% year-on-year, did not meet the 'minimum' target, resulting in no bonus payment under the group PBT element (which accounts for 60% of the directors' total bonu

Marks and Spencer's directors missed out on an additional bonus payment last year after a key profitability target was not met, meaning that its Chief Executive Officer's (CEO's) total pay was more than halved. Under M&S rules, all executive directors have group profit before tax (PBT) targets tied to their bonuses, the High Street retailer explained in its annual financial report released on Thursday.

Broker WH Ireland is expecting profits to come in at around £4.8m on sales of £68m.

The company could certainly do with an Olympian surge after it issued a profit warning in January. The firm has indicated that underlying profit before tax for the year to the end of March will be not less than £4.5m after a subdued finish to the financial year.

The company should also have seen a boost from a late rush to take advantage of the first-time buyers stamp duty holiday before it was removed on March 24th. Toy train set maker Hornby is one of a number of companies hoping for some sort of boost from the London Olympics. The group has a number of collectible items with an Olympics theme which it hopes will tempt collectors young and old.

"Growth is driven by increasing the number of available sites (215 targeted by early 2012) in optimal locations given Bellway's regional positioning and its 18,086 plot land bank. This offers continued margin recovery and 6% volume growth," Northland said, as it reiterated its "buy" recommendation