CORPORATE

Although we are a UK-based business, we have established contracts denominated in euros, with a significant proportion of our costs payable in Romanian leu (RON). Previously, we had been advised that straightforward spot conversions were the most appropriate way to manage our currency requirements.

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Richard and Mark came highly recommended by one of our suppliers, with whom they were already working. Following an initial conversation, they made a point of visiting us in person, spending considerable time understanding our business, our cash flows and our operational requirements.

They recognised that the predictable timing of our euro receipts presented an opportunity to take a more structured approach to managing our currency exposure.

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Rather than asking us to change everything immediately, they suggested initially managing a proportion of our FX requirements, allowing us to assess the value of their approach as the relationship developed.

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They designed a tailored programme using forward contracts to take advantage of favourable forward points, helping us achieve greater certainty over the value of our future euro receipts.

As our business expanded, the programme was regularly reviewed and adjusted to reflect our changing requirements.

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Importantly, their involvement extended beyond the initial transactions. As forward contracts matured, Richard and Mark were always available to help coordinate the conversion into Romanian leu and ensure payments were made ahead of the early daily cut-off, so that our employees received their wages on time.

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As our confidence in their approach grew, we gradually entrusted Richard and Mark with a greater proportion of our group's currency requirements.

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Today, they manage all of our foreign exchange risk management requirements.