Exco Blames Subdued FX Gains On Electronic Matching Systems

BROKERS

Exco, the U.K. money broker, reported a 42 per cent fall in interim pre-tax profits to £16.1 million, in the first half of 1995 from £28 million in the first half of 1994, with foreign exchange suffering from sluggish market conditions and increased competition from electronic matching systems.

Turnover fell 13 per cent to £109.8 million compared to £128.8 million in the first half of 1994, officials say.

Foreign exchange, which contributed about 6 per cent of Exco group profits last year, wa