Foreign exchange company OFX lost momentum during the year to March, unable to attract new clients during the second half.OFX chair Steven Sargent said in the company's annual report that the market had attracted a lot of new entrants in recent years."They have largely adopted a strategy of acquiring clients at all costs but few are profitable," he said."As the cost of debt increases, as privately held firms look to exit and as regulatory obligations grow tougher, we expect market consolidation to increase."The company wants to be a player in that consolidation but missed out on an "inorganic opportunity" during the year.Net operating income rose 8 per cent to A$118.7 million but higher expenses hit the bottom line. Net profit fell from $18.7 million in 2017/18 to $17.6 million in the year to March - a 5.8 per cent fall.Transaction numbers were up 8.8 per cent, even though the company suffered a 3.3 per cent decline in active customer numbers, down from 161,900 to 156,500. The number of trades per active customer roe 12.6 per cent to 6.7 trades.OFX chief executive Skander Malcolm said this increase in "client engagement" was the highlight in what was otherwise a quiet market for international money transfers.Revenue grew in all regions. Australia and New Zealand were up 5 per cent, North America up 20 per cent, Asia up 19 per cent and Europe 12 per cent.